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Prices in the US are rising, which is also due to energy prices
Photo: GEORGE FREY / AFP
US inflation accelerated further in October.
The consumer prices increased compared to the same month last year by 6.2 percent, such as the Department of Labor in Washington announced.
This is the highest inflation rate since 1990. Analysts had only expected an acceleration to 5.9 percent on average.
In the previous month, the rate was 5.4 percent.
According to the ministry, the price increase was broad and affected numerous categories: energy, rents, groceries, used cars and new cars were significantly more expensive.
The inflation rate excluding energy and food, the so-called core rate, rose from 4.0 to 4.6 percent.
This rate is mostly seen by economists as a reliable measure to determine the underlying price trend.
Fed sees inflation rate as a temporary development
Inflation is thus moving even further away from the medium-term target of the US Federal Reserve, which is two percent.
However, the Fed sees the increased inflation as a temporary development determined by special corona factors, which should soon weaken again.
Fed chief Jerome Powell blames supply chain bottlenecks in particular for the inflation rate, which is likely to drag on into next year.
The central bank recently initiated a move away from its extremely loose monetary policy - also against the background of the rapidly rising prices, which are also affecting the purchasing power of consumers.
In Germany, investors hardly reacted to the eagerly anticipated inflation figures from the US.
In view of the already high price levels and mixed business figures in some cases, the leading index continued to move within a narrow range and fell slightly to 16,027.70 points by the early afternoon.
The stock market barometer remained close to its record high at around 16,104 points.
hba / dpa / Reuters
