US inflation rate hits 30-year high

US consumer price inflation surged higher again in October, according to the Bureau of Labor Statistics. Over the past 12 months, prices climbed 6.2% – the biggest increase since November 1990. CNN’s Matt Egan reports.

02:41 - Source: CNNBusiness
Economy
People shop at an outdoor food market in Manhattan on November 05, 2021 in New York City. Inflation is causing U.S. consumer prices to increase solidly in the past few months on items such as food, rent, cars and other goods, A new report by the United Nations Food and Agriculture Organization (FAO) shows that global food prices have hit the highest level in over a decade. In the last year alone, food prices have risen by more than 30%.
Now playing
02:41
US inflation rate hits 30-year high
WASHINGTON, DC - JANUARY 26: A view of the Marriner S. Eccles Federal Reserve building on January 26, 2022 in Washington, DC. Following a two day meeting, Federal Reserve officials are set to release their January monetary policy decision which economists predict could be an increase in interest rates. (Photo by Anna Moneymaker/Getty Images)
Now playing
02:19
Recession jitters and the trickling impact on Americans
david rubsentein matt egan interview screengrab 02
Now playing
02:36
Billionaire investor: Powell would 'say he made a mistake' with inflation
return to office yurkevich dnt still
Now playing
03:42
Companies want workers back in office. Workers aren't so sure
high utility bill
Now playing
02:38
'I can't withstand the heat': Americans behind on utility bills face extreme weather
Justin Wolfer Jerome Powell split
Now playing
01:52
'Both a warning and a threat': Economics professor decodes Fed chair's comments
02 Jerome Powell Jackson Hole Economic Symposium Opening Remarks 0826 SCREENSHOT
Now playing
02:17
Fed chair lays out the 'unfortunate costs of reducing inflation'
Christine Romans 0825
Now playing
04:06
Biden's student loan forgiveness plan: Who it helps, who it doesn't
ryan young pkg vpx
Now playing
03:13
Middle class Black Americans react to economy under Biden
Paige West quiet quitting engineer
Now playing
05:55
Engineer says she 'quiet quit' her job. Hear what that means
mary daly san fran fed president
Now playing
01:43
Fed official on recession talk: When we look at the data, I feel relieved
nightcap inflation 4x3
Now playing
02:25
Inflation is cooling but prices are still painfully high
romans cpi inflation new day
Now playing
01:10
'It didn't get worse': Romans breaks down key inflation data
online shopping prices matt egan
Now playing
01:51
Online shopping prices are starting to ease. Here's why that's significant
climate bill
Now playing
02:05
Here's how the Inflation Reduction Act could affect you
Austin Goolsbee
Now playing
04:06
Former WH economist assesses economy's direction following July jobs report