U.S. Price Hikes: Inflation hit 31-year high in October

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Some unwelcome news for Americans already grappling with price hikes: The U-S Federal Reserve chair is now warning that the threat of persistently high inflation has increased.
In a testimony before the Senate Banking Committee, Jerome Powell said it is time to retire the term “transitory" for describing the burst of inflation. The annual inflation rate in the U-S hit 6-point-2 percent in October, the highest in 31 years. The situation has been blamed on supply chain bottlenecks and shortages of goods and workers. Consumer confidence also fell in November to the lowest level in nine months because of worries about high inflation and a potential resurgence of Covid-19. As costs of everyday items like food, gas and rent quickly rise ahead of the holiday season, many in the U-S are without jobs. Businesses there currently have nearly 5 million fewer people on their collective payrolls than they had before the pandemic.

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