U. S. Inflation spiked in October

Consumer inflation surged in October as fuel costs picked up, supply chains remained under pressure and rents moved higher. NYT said that it is bad news for economic Fed’s policymakers and for the White House, which had been emphasizing a recent slowdown in price gains.

Inflation picked up to 0.9 percent last month from September, a Labor Department report showed, faster than the prior month’s increase of 0.4 percent and well above expectations.

Overall prices have climbed by 6.2 percent over the past 12 months, the fastest pace since 1990. The fresh data scupper a White House talking point.

Officials had regularly pointed out that while price gains were faster than usual, at least they were slowing down from rapid summer readings.