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
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%.
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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)
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