CNN’s Matt Egan: Prices, Inflation Are ‘Still Soaring … Like a Rocket Ship’

‘In September we saw consumer prices jump by 5.4%’


EGAN: “Kate, unfortunately, prices are still soaring, sort of like a rocket ship. In September we saw consumer prices jump by 5.4%. That’s an acceleration from August. It’s tied for the biggest gains since 2008. Month over month, prices up .4%. That's also an uptick. Both numbers are moving in the wrong direction. If you take out food and energy, which tends to be more volatile, core prices were up by a more modest amount, but still significant. Of course, Americans can’t take food and energy out of their budgets and the budgets are getting squeezed by these price spikes. So, let’s look at some of these notable price gains over the last 12 months, starting with gasoline, gasoline up 42%. Used cars 24%. Steaks 22%. Laundry equipment, eggs, children’s footwear all up double digits.”

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