US prices rise 5% in October 2021: Commerce Department


– AFP / File

WASHINGTON: Prices across the United States rose 5 percent last month compared to October 2020 as inflation surged, the government reported Wednesday.

The Commerce Department’s Personal Consumption Expenditure Prices Index increased year-on-year since November 1990, exceeding the 4.4% change reported in September.

Last month’s earnings rose 0.5% higher than expected, while similar spending rose 1.3% from analysts’ forecasts.

The report indicates that as US purchases continue and their revenues continue to rise, even as inflation continues to rise at record rates, energy prices have risen 30.2% since October 2020. Food prices were up 4.8 percent.

Inflation also rose on a monthly basis, with the price index rising 0.6 percent compared to September, according to analysts’ forecasts.

As Americans saw an increase in their incomes due to rising wages and asset gains, the data showed that the increase was due to a reduction in government benefit payments, possibly epidemic relief programs. Due to expiration of

Consumers direct their spending on both goods and services.

The government said the اضافہ 123.8 billion increase in freight costs was mostly on motor vehicles and spare parts, while the سفر 90.5 billion increase in international travel services spending was part of what was felt in all sectors.

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