US consumer prices are expected to have surged in October at their fastest pace in three decades, as bottlenecks and other supply-chain disruptions intensify and inflationary pressures broaden.
Consensus forecasts compiled by Bloomberg indicate that the consumer price index to be published by the Bureau of Labor Statistics on Wednesday rose by 5.9 per cent in October from a year ago — the fastest annual pace since 1990 and a sharp increase from September’s levels of 5.4 per cent.
Month-over-month price gains are also expected to have increased, with a jump of 0.6 per cent pencilled in. While that is markedly lower than the 0.9 per jump reported between May and June, it represents a significant acceleration from the August to September period, when prices rose 0.4 per cent.
Once volatile items such as food and energy are stripped out, economists expect monthly increases of 0.4 per cent, double the most recent reading. On an…