The U.S. dollar is now losing close to 1 percent of its value every 30 days, according to U.S. Bureau of Labor Statistics data released on Wednesday.
Currently, inflation of the U.S. dollar is at its highest level since 1990. The Consumer Price Index (CPI), a measure of the average monthly change in the price for goods and services paid by urban consumers, increased 0.9 percent last month, more than doubling September’s 0.4 percent increase.
Overall, prices rose 6.2 percent from one year ago, representing the largest year-on-year increase in more than 30 years as inflation persists across sectors, according to the Bureau.
The cost of food also increased by 5.3 percent during the month of October, riding on the back of unprecedented supply chain issues.
Increases were seen in the cost of energy, shelter, food, used cars and trucks, and new vehicles, with gasoline prices increasing 6.1 percent from 1.2 percent in September.
These increased prices have been driven partly by an intentional effort by the Organization of Petroleum Exporting Countries to decrease their oil production. At the same time, the United States has cut its own oil production significantly in line with President Joe Biden’s promise to transition away from fossil fuels.
Used vehicle prices also shot up 2.5 percent this month from 0.7 percent in September, while new vehicle prices rose 1.4 percent from 1.3 percent in September.
it’s too long