According to the Department of Labor data, the year-to-year increase is the highest it's been in the last 13 years. A number of factors are shaping this trend.
The price of gasoline advanced 42.1% in the 12 months ended September compared to the 42.7% annual increase in August, according to the most recent inflation data published October 13, 2021, by the U.S. Labor Department’s Bureau of Labor Statistics (BLS).
Americans paid more for food, rent, and a range of other goods, putting pressure on the Biden administration to urgently resolve strained supply chains, which are hampering economic growth.
Carriers including Walmart, UPS, and FedEx are pushing to work more shifts, including 24 hours per day, seven days per week, to address global supply disruptions that have contributed to a surge in inflation, the White House said Wednesday.
The supply crisis is due to, in part, the global COVID-19 pandemic and expected vaccine mandates, as sales of all kinds of goods rose amid worker shortages and transportation slowdowns. NTD writer says, "Lower-than-expected Christmas sales could hurt U.S. companies and pose a political risk for Biden."
"Inflation is no longer 'transitory,'" said Sung Won Sohn, professor of finance and economics at Loyola Marymount University in Los Angeles. "Supply-chain bottlenecks are getting worse. The logjam is unlikely to ease anytime soon despite the latest intervention by the White House."
Food prices jumped 0.9% after increasing 0.4% in the prior month. The most considerable rise in food prices was driven by a surge in the cost of meat. Natural gas prices have also surged. Strong inflation, if persistent, could force the Fed to increase interest rates.