On Wednesday, the Bureau of Labor Statistics released their inflation data for October, marking another dismal month and hitting a 12-month increase not seen since 1990.
The Consumer Price Index, which measures the prices Americans pay for everyday goods and services, rose 0.9 percent, outpacing the previous three months of inflation. That number has gone up 6.2 percent since last October, a 12-month increase not seen since November of 1990.
The core index, or the measure for all items except the more volatile food and energy prices, rose 4.6 percent over the last 12 months, representing the largest one-year increase since August 1991, the Labor Department said.
The core index climbed 0.6 percent in October alone, following a 0.2 percent increase in September.
The energy index rose 4.8 percent over the last month. The energy index has risen a shocking 30 percent over the last 12 months. This marks its largest 12-month increase since the period ending September 2005.
The gasoline index rose 6.1 percent in October, marking its fifth consecutive month of increase. The gasoline index rose49.6 percent over the last year, and is now at its highest level since September 2014.
The food index also rose, going up 5.3 percent in the last year. The indices for airline fares and alcoholic beverages saw a decline last month, the DOL said.
"Along with shelter, used cars and trucks, and new vehicles, the indexes for medical care, for household furnishing and operations, and for recreation all increased in October," the bureau stated.
ABC News writes that the price increases can be attributed to a rebound in demand for goods and services as the pandemic dwindles, as well as lingering supply chain issues, and a shortage of workers in lower paying fields of work.
President Joe Biden issued a statement following the dismal inflation news stating that the Build Back Better plan will aid in easing inflationary pressures.
"Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me. The largest share of the increase in prices in this report is due to rising energy costs—and in the few days since the data for this report were collected, the price of natural gas has fallen," wrote Biden.
"Other price increases reflect the ongoing struggle to restore smooth operations in the economy in the restart: I am traveling to Baltimore today to highlight how my Infrastructure Bill will bring down these costs, reduce these bottlenecks, and make goods more available and less costly," he continued.
Biden stated that it was important that Congress pass the Build Back Better plan, noting that it "is fully paid for and does not add to the debt," and would reduce the cost of child and elder care, lower health coverage costs and prescription drug costs, and lower taxes for families.
"17 Nobel Prize winners in economics have said that my plan will “ease inflationary pressures.” And my plan does this without raising taxes on those making less than $400,000 or adding to the federal debt, by requiring the wealthiest and big corporations to start to pay their fair share in taxes," he added.
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