Price increase of 6.2% since last October

The largest price increase in the past 30 years has been seen, with a price increase of 6.2% in October versus October of last year. Gasoline prices are up 49.6 percent, and the higher energy costs are pushing prices of all other goods equally, according to Washington Post.

The shortages and higher prices had been limited to certain industries, but it is now overtaking other industries such as shelter, food, and new vehicles.

In fact, the price increase has tied with the biggest one-month increase since the Great Recession. Only airlines and alcohol saw price decrease.

In fact, the pandemic cannot be blamed as the sole reason for the increase, as those that were “short” had been replenished.

The Biden Administration has promised that it would get the inflation under control, although the $2 trillion spending bill for infrastructure does not seem to be helping to assuage those fears.

Even items such as eggs or meat are seeing sharp increases. Rent continues to rise, and while the wages are rising, not rising fast enough to catch up to the inflation.

Households and businesses are struggling, as some stated that the prices change on its way to the end user. This can be a problem if the households begin to behave as if inflation is likely to be a long term haul.

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