U.S. Surge in Inflation, "Biggest jump in 13 years likely to last."

Editor at Global Perspectives

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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).

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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.

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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.

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