Inflation Hits 31-Year High, Prices Rise 6.2%

Inflation hit a 31-year high in October, causing large price increase on everything from food to gas to furniture due to supply chain shortages and strong consumer demand. Price tags in October were 6.2% higher than they were a year ago, the sharpest increase since 1990, and there are concerns that these costs might be here to stay. Thomas Hoenig, distinguished senior fellow for the Mercatus center, explains what lead to this inflation spike and how consumers can prepare for future ones.
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