Oct. 18, 2021—The U.S. inflation rate has hit its highest point since 2008 following a surge in consumer prices from August into September.
According to a report from the Associated Press, consumer prices rose 0.4 percent last month and 5.4 percent compared to the same time last year. Costs of services, cars and gas have all continued to rise.
“Price increases stemming from ongoing supply chain bottlenecks amid strong demand will keep the rate of inflation elevated, as supply/demand imbalances are only gradually resolved,” said Kathy Bostjancic, an economist at Oxford Economics, a consulting firm.
Bostjancic also said the firm expects inflation rates to stay around 3 percent or so through at least the middle part of next year.