Rising prices are gouging a hole in Americans’ wallets.
Days after oil prices hit their highest levels in three years, a new report shows inflation at its highest level in 13 years.
Consumer prices rose by 5.4 percent for the year ending September, according to data released Wednesday by the Bureau of Labor Statistics, the Washington Examiner reported.
The number reflected the steepest inflation since 2008. Forecasters were expecting a 5.3 percent increase.
“Consumer prices continue to rise, particularly as demand driven by people returning to post-vaccination life outstrips supply that is increasingly constrained by logistics and labor shortages,” said Brian Crosby of Traub Capital Partners, according to Fox Business. “We see it every day.”