A fuel tanker truck pumps approximately 5000 gallons of gasoline to in-ground tanks at a gas station in the Queens borough of New York City, NY, October 27, 2021. Energy prices are set to rise as OPEC declines to increase production in November. (Photo by Anthony Behar/Sipa USA)
NY: Gasoline Prices Surge As Consumers Brace For Higher Energy Costs
WASHINGTON (AP) — Consumers are shelling out more money for goods and services than they have in three decades.
Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990.
The year-over-year increase in the consumer price index exceeded the 5.4% rise in September. From September to October, prices jumped 0.9%, the highest month-over-month increase since June.
BREAKING: Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. https://t.co/9VQXg65c2L
— The Associated Press (@AP) November 10, 2021
Inflation is eroding the strong gains in wages and salaries that have flowed to America’s workers in recent months, creating political headaches for the Biden administration and congressional Democrats and intensifying pressure on the Federal Reserve as it considers how fast to withdraw its efforts to boost the economy.
