Inflation hit hardest the states of Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota, where a year-on-year increase in consumer prices was at 7.3% in October, higher than the national average, The Wall Street Journal (WSJ) reported Wednesday.
Midwestern states also saw a steeper rise in housing costs in October, as natural gas, rent and home furnishings climbed at a faster rate than in any other part of the country. On the other hand, the slowest pace of housing prices’ boom was registered in Northeastern states, according to the WSJ.
U.S. inflation rose at the fastest pace in three decades in October. These charts show how prices increased more in some parts of the country than in others. https://t.co/yltFUkAzT7
— The Wall Street Journal (@WSJ) November 11, 2021
Nationally, the Consumer Price Index (CPI) increased 0.9% in October from September, bringing the key inflation indicator’s year-over-year increase to 6.2% as supply shortages continue and demand grows, the U.S. Bureau of Labor Statistics announced Wednesday.
While in the Midwest, the CPI index grew 1.1% higher than the national average, Mid-Atlantic states saw prices rise by only 5.4% in October — 0.8% below the national average, the WSJ reported. (RELATED: The Price Of Oreos Is Going Up Because Of Inflation, Manufacturer Says)
The Producer Price Index (PPI) — the indicator measuring inflation at the wholesale level — rose 8.6% year-over-year as of October, growing at a record rate for the second month in a row.
President Joe Biden blamed the unprecedented inflation levels on his administration’s COVID-19 stimulus program, which caused people to “have more money,” as well as on the ongoing supply chain crisis.