Inflation rose to 6.2% in October, the highest annual rate in 30 years

Consumer prices rose to 6.2% in the year ending October, the Department of Labor reported Wednesday, the highest rate of inflation in 30 years. 

The numbers from the consumer price index came in above expectations of 5.8% and will add to widespread fears about inflation. Many economists have worried that inflation could be coming in too hot as the country recovers from the pandemic, federal spending remains high, and the Federal Reserve maintains a low interest rate target. Public worries about high prices pose a major threat to President Joe Biden's popularity.

"Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me," Biden said in a statement following the report. 

"No matter how squishy the definition of ‘transitory’ might be, it is undeniable that inflation is a problem," said Greg McBride, the chief financial analyst for Bankrate.