Inflation across a broad range of products that consumers purchase every day jumped 6.2% higher than a year ago last October. Inflation recorded its highest increase in more than last 30 years, according to the report by the Labor Department reported.
The Consumer Price Index (CPI) increase of 6.2% is the highest since December 1990. Dow Jones predicted 5.9% growth.
The CPI increased 0.9% in comparison to the 0.6% estimate on a monthly basis.
Volatile food and energy prices, Core CPI was increased 0.6% against predicted 0.4% increase. Annual core inflation increased at a 4.6% speed, in comparison to 4% anticipated, and is the highest since August 1991.
Fuel oil prices increased 12.3% for the current month, part of the overall 59.1% increase over the past year. Energy prices overall increased 4.8% in October and are 30% more for the 12-month period.
Used vehicle prices increased 2.5% on monthly basis and 26.4% in a year. New vehicle prices increased by 1.4% and 9.8%, respectively.
Food prices also exhibited a sizeable increase, with an increase of 0.9% and 5.3% respectively on a monthly and yearly basis. Meat, fish, eggs, and poultry collectively increased 1.7% and 11.9% on a monthly and yearly basis.