Inflation nation: US consumer prices hit a 30-year high, and they could be self-flating

Cry me a pork chop... Pork-chop prices are up 16% from last year, and they're not the only ones. The Labor Department just dropped October’s Consumer Price Index, which measures prices of 80K common items. Overall, consumer prices jumped 6.2% from October last year — the fastest yearly increase in 30 years. The pace of inflation accelerated sharply from September, and it was the fifth straight month above 5%. Price increases were broad, but we’ve pulled some gems:

• #PumpAnxiety is real: Gas prices were up 50%, but your wallet already knew that. Meanwhile, used cars and trucks were up 26%.
• Breakfast is swerved: Bacon was up 20%, eggs 12%, and peanut butter 6%. Lunch isn't much better, with salad dressing up 8%.
• Home is pricey: Laundry equipment is up 15%, furniture and bedding is up 12%, TVs are up 10%, and smart home assistants 8.4%.
• So is away from home: Hotel prices were up 26%, and transportation services (cough, Uber) were up 5%.

The price is not right... While the Fed still expects inflation to be temporary, prices have been surging longer (and higher) than expected. This #flated sitch is a result of multiple factors, including pandemic-related supply shortages, labor shortages, supply-chain backlogs, and booming consumer demand. Americans' wallets have been padded by trillions in stimulus cash, which has triggered faster-than-expected rebound in demand. But supply bottlenecks are making it hard to meet that demand and are driving up prices.