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Heavy burden for consumers as holidays near: Soaring prices

KIFI

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — A worsening surge of inflation for such bedrock necessities as food, rent, autos and heating oil is setting Americans up for a financially difficult Thanksgiving and holiday shopping season. Prices for U.S. consumers jumped 6.2% in October compared with a year earlier, leaving families facing the highest inflation rate since 1990. From September to October, prices jumped 0.9%. Inflation is eroding the strong gains in wages and salaries that have flowed to America’s workers in recent months, creating a political threat to the Biden administration and congressional Democrats and intensifying pressure on the Federal Reserve as it considers how fast to withdraw its efforts to boost the economy. 

Article Topic Follows: AP National Business

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