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The Federal Reserve is opening the door to possible interest rate hikes earlier next year than had been expected, as it wrestles with the highest inflation in nearly four decades.
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Consumer prices were 6.2% higher in October than a year ago as inflation continues to chip away at the buying power of households across the country.
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The Fed left interest rates near zero on Wednesday but announced plans to start removing some of the support it has provided to the economy as inflation hits its highest point in 30 years.
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Prices for a range of goods from used cars to bacon surged last month, pushing consumer inflation to 4.2% in April, the highest since September 2008.
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Consumer prices jumped last month as businesses struggled to keep pace with booming demand, but the Biden administration and the Federal Reserve say the uptick in inflation is likely to be temporary.