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House Democrats largely downplayed inflation concerns in recent months: 'Not out of control’
CPI shows annual inflation hits 31-year high
Bankrate senior economist Mark Hamrick and Seaport Securities president Teddy Weisberg break down the opportunities available for consumers in the inflationary market.
House Democrats largely downplayed inflation concerns in recent months, insisting it’s "not out of control" despite the price of goods and gas soaring to record highs.
The consumer price index climbed 6.2% year over year in October, the Labor Department said Wednesday, marking the largest annual gain since November 1990. Energy prices jumped 4.8% last month and were up 30% over the past year, while food prices are up 5.3% year over year, the department said.
CONSUMER PRICES SURGE BY MOST IN 31 YEARS
While the Biden administration has described the inflation as transitory, some economists warn it will persist for years. Democrats largely downplayed the crisis while they struggled to reach an agreement on their $1.75 trillion social spending bill, which is still being negotiated, and the bipartisan Infrastructure Investment and Jobs Act, which passed Congress last week after months of party infighting.