U.S. consumer prices increased solidly in September as Americans paid more for food, rent and a range of other goods, putting pressure on the Biden administration to urgently resolve strained supply chains, which are hampering economic growth. With prices likely to rise further in the months ahead following a recent surge in the costs of energy products, the report from the Labor Department on Wednesday could test Federal Reserve Chair Jerome Powell’s repeated assertion that high inflation is transitory. Powell and the White House have blamed supply chain bottlenecks for the high inflation. Supply chains have been gummed up by robust demand as economies emerge from the COVID-19 pandemic, thanks to more than $10 trillion in global economic stimulus, about half of it in the United States. The coronavirus has caused a global shortage of workers needed to produce raw materials and move goods […]

Posted in: USA