US consumer prices rose in October at the fastest annual pace since 1990, cementing high inflation as a hallmark of the pandemic recovery and eroding spending power even as wages surge.
The data also threaten to worsen political challenges for President Joe Biden and Democrats as they seek to pass a nearly $2-trillion tax-and-spending package and defend razor-thin congressional majorities in next year’s midterm elections. Shelter costs — which are considered to be a more structural component of the CPI and make up about a third of the overall index — rose 0.5% in October, the most in four months as higher rents and home prices feed into the data. The cost of hotel stays increased.
Meanwhile, Procter & Gamble CFO Andre Schulten said on October 19: “We have now announced pricing in nine out of ten categories, so very broad based.”
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