Consumer prices surged last month by the steepest rate in 25 years. It’s a generational Bush Boom.
The Labor Department also reported another measure of inflation, the more widely followed consumer price index for all urban consumers, rose 1.2 percent last month and 4.7 percent in the 12 months that ended in September. That was the biggest monthly rise since March, 1980, and the biggest 12-month increase since May, 1991.
The CPI increase primarily reflected soaring energy costs, which rose 12 percent last month, the largest monthly increase since the department started collecting data in 1957. Energy costs rose 35 percent in the 12 months that ended in September.