New Price Spike Poses Challenge To White House

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New Price Spike Poses Challenge To White House

Unread post by uncledad »

The Consumer Price Index climbed 5.4 percent in September from a year earlier, faster than its 5.3 percent increase through August and above economists’ forecasts. Monthly price gains also exceeded predictions, with the index rising 0.4 percent from August to September.

In a nod to how persistent the price increases are proving, the Social Security Administration said on Wednesday that benefits would increase 5.9 percent in 2022, the biggest boost in 40 years. The increase, known as a cost-of-living adjustment, is tied to rising inflation.

The reality that American households are paying more for dinner, fuel and housing is a major political problem for Mr. Biden. Voters could punish Democrats at the polls as wage gains, while decent, fail to fully cover higher costs.

The Fed’s September meeting minutes showed that “most participants saw inflation risks as weighted to the upside because of concerns that supply disruptions and labor shortages might last longer and might have larger or more persistent effects on prices and wages than they currently assumed.”
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