Inflation hits 30-year high as holiday season nears | Center Square
The prices of everyday goods are getting increasingly more expensive, new federal data confirm.
The Department of Labor’s Bureau of Labor Statistics on Wednesday released its monthly report on the consumer price index, a key marker of inflation, which showed that consumer prices rose 0.9% in October and are currently rising at the fastest rate in decades…
Erik Randolph, director of research for the Georgia Center for Opportunity, disagrees, pointing to increased spending under the Biden administration as a cause for concern.
“Hoping that inflation is just transitory may be wishful thinking at this point,” Randolph said. “This October report is a warning bell for Congress and the Federal Reserve to focus on fiscal spending and monetary causes. As Congress proposes spending more on programs using debt, they are at risk of causing more financial woes and not the relief they seek.”