US inflation hits 30-year high

US consumer prices have surged at the fastest pace in more than 30 years. Labor Department officials reported on Wednesday that the consumer price index in October rose 6.2 percent over 12 months earlier.

The index measures what people pay for a basket of goods and services. Consumers had to pay more for rent, groceries, gasoline and other items.

Americans have built up their savings during the pandemic and have more to spend. But suppliers can't keep up with the demand. There are not enough truck drivers to deliver goods. These kinks in the supply chain are driving prices up.

President Joe Biden released a statement saying "inflation hurts Americans' pocketbooks." He said his plan to improve infrastructure includes ways to bring down these costs and reduce bottlenecks.