Consumer prices rose at the fastest pace in 30 years in September while workers saw their biggest compensation boosts in at least 20 years, according to new government data released Friday. “This is a really rough ride for the next few months," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. The Fed’s preferred inflation gauge, the personal-consumption-expenditures price index, rose 4.4% in September from the previous year, the fastest pace since 1991, the Commerce Department said Friday. Consumers in October also anticipated the highest year-ahead inflation rate since 2008 at 4.8%, according to the sentiment survey. Each passing month of rapidly rising consumer prices puts added pressure on Fed Chairman Jerome Powell, he said.

Source: Mint October 31, 2021 17:12 UTC