(WWJ) -- U.S. consumers can expect to spend more money during the current labor shortage and supply chain backups.
October saw the largest inflation surge in more than 30 years with U.S. consumer prices jumping 6.2% from one year ago and about 1% in just the past month, according to WWJ’s business editor Murray Feldman.
Feldman said the increase is taking a bigger bite out of paychecks and family budgets – more than people have seen in a lifetime.
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Shelter, energy and vehicle costs led the inflation gains, wiping out any wage increases workers may have received for the month of October.
Food prices also showed a considerable surge with meat, poultry, fish and eggs collectively rising 1.7% for the month and 11.9% for the year.
Used car prices saw a 26% price increase compared to one year ago and a 2.5% jump last month.
Oil prices were also up more than 12% last month and up 59% over the past year.
Escalating inflation could cause the federal government to tighten economic policy more quickly than previously shown, although officials have indicated interest rate hikes are still in the future.
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