Recent data indicates the CPI jumped 6.2% from one year ago in October, creating the biggest spike since December of 1990 – that’s nearly 31 years ago. It’s recorded that core inflation, not including food and energy, increased 4.6%. The news caused gold prices to hit a nearly five-month high in early U.S. dealings Wednesday.


CNBC/Jeff Cox
U.S. consumer prices jump 6.2% in October, the biggest inflation surge in more than 30 years

Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday.

The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago, the most since December 1990. That compared with the 5.9% Dow Jones estimate.

On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.

Stripping out volatile food and energy prices, so-called core CPI was up 0.6% against the estimate of 0.4%. Annual core inflation ran at a 4.6% pace, compared with the 4% expectation and the highest since August 1991.

Fuel oil prices soared 12.3% for the month, part of a 59.1% increase over the past year. Energy prices overall rose 4.8% in October and are up 30% for the 12-month period.

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Kitco News/Jim Wyckoff
Gold price rallies to 5-mo. high on hot U.S. inflation report

Gold prices are solidly higher and hit a nearly five-month high in early U.S. dealings Wednesday, following a hot U.S. inflation reading. There were also hot inflation numbers coming out of China Wednesday. December gold was last up $16.30 at $1,848.00 and December Comex silver was last up $0.282 at $24.58 an ounce.

The just-released U.S. consumer price index for October came in at up 0.9% and up 6.2%, year-on-year. The CPI was expected to come in at up 0.6% from September and up 5.9%, year-on-year. The October numbers are the highest U.S. CPI readings in over 30 years. Tuesday’s U.S. producer price index showed a rise of 8.6%, year-on-year.

Meantime, weekly U.S. jobless claims fell 4,000, to 267,000 in the latest reporting week. Those numbers were close to trade expectations. The weekly jobless claims report was released a day early due to the U.S. Veterans Day holiday on Thursday.

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Smartasset via Yahoo Finance/Ben Geier
Biden’s Build Back Better Could End These Retirement Loopholes

With the passage of the $1.2 trillion bipartisan infrastructure bill, all eyes in Washington have now turned to the $1.85 trillion Build Back Better bill. With both bills combined, Congress would invest more than $3 trillion in infrastructure, education, climate and social programs. The Democrats have scaled-back the Build Back Better bill significantly down from its initial $3.5 trillion and proposed new retirement provisions to help pay for the programs, which could end backdoor Roth and mega Roths for the wealthy. Let’s break down how these rule changes could affect your retirement savings.

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