This article details the staggering rise of consumer prices and inflation. Have you been negatively impacted by rising prices? Share your story in the comments so we can pray for you . . . 

Wholesale prices at the end of October surged by 8.6% since October 2020, the highest year-over-year increase recorded by the federal government since it began tracking the data in 2010, the Labor Department reported Tuesday.

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The report is bad news for consumers struggling with sticker shock as prices climb. It suggests that a high inflation rate is here to stay for a while despite the Biden administration’s insistence that it is temporary.

“This is worrisome because of the level,” said Antonio Saravia, an associate economics professor at Mercer University. “That’s a huge number. It’s the highest number we’ve seen in 11 years. It shows that inflation is not slowing down and prices continue to rise.”

Wholesale prices are what businesses pay for goods before making them available to the public. . . .

The report also found that the core Producer Price Index (PPI), which measures price changes in goods and services sold, excluding highly volatile food and energy, also surged last month. Core PPI rose 6.2%, up from October 2020, also a record since the Labor Department began monitoring core PPI more than 11 years ago. . . .

“The supply chain and labor shortage raise prices, but inflation is always attributed to the money supply,” he said. “If we continue to spend at the pace we are spending, that is going to put pressure on the Fed to print money. It has to be a combined effort between the federal government and the Fed to slow down.”

After insisting that high inflation is temporary, Federal Reserve Chairman Jerome Powell last week acknowledged that prices won’t stabilize anytime soon.

“We see shortages and bottlenecks persisting into next year, well into next year,” Mr. Powell told reporters last week. “We see higher inflation persisting.” . . .

“The first three months of 2022 are going to be very important about what the Fed signals and if they are serious about stopping inflation,” Mr. Savaria said.

(Excerpt from The Washington Times. Photo Credit: Getty Images.)