Inflation spiked in October, sinking Washington’s hopes that price gains would slow down. Michigan News Network Business Editor Murray Feldman says the increase is taking a bigger bite out of paychecks and family budgets more than many people have seen in a lifetime.
“The new figures out today show inflation took its biggest jump in more than 30 years,” Feldman said Wednesday. “The cost of goods and services rose 6.2% compared to one year ago. That’s a just of about 1% in just the past month.”
Energy, shelter, and vehicle costs led the gains. They more than wiped out the wage increases workers received for the month.
