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Rising energy costs lead to 6% rise in U.S. consumer prices over 2020

Rising energy costs lead to 6% rise in U.S. consumer prices over 2020
Traders are seen last Friday working on the floor of the New York Stock Exchange on Wall Street in New York City. Photo by John Angelillo/UPI | License Photo

Nov. 10 (UPI) -- Consumer prices in the United States have increased by more than 6% over the past 12 months, government figures showed on Wednesday -- which is the largest inflationary rise in more than 30 years.

The department said in its Consumer Price Index that the year-over-year rise ending in October was 6.2%, the largest since 1990. In September that figure was 5.4%.

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On a monthly basis, prices increased by 0.9% in October.

Wednesday's report says prices were heavily affected by rising gas and energy costs.

The figures showed that the energy index rose 30% and the food index 5.3% since October 2020. Gasoline prices were up 6.1%.

President Joe Biden's administration and the Federal Reserve have both said the increases are temporary and will subside once COVID-19-related issues -- like disruptions in the supply chain -- are resolved.

The department said other items like new and used vehicles were "among the larger contributors" to the increase in October.

The report said that airfare and alcohol were two of the few areas where prices decreased last month.

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