Inflation, measured by consumer price index, spikes. What that means.

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WASHINGTON — Inflation over the past 12 months surged to a 31-year high as rising prices undercut President Joe Biden and hurt consumers despite other evidence the U.S. economy is rebounding from the pandemic. 

The consumer price index increased by 0.9% in October, the U.S. Bureau of Labor Statistics reported Wednesday, leaving inflation 6.2% higher than a year earlier. It’s the largest 12-month increase since 1990. 



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