The US Department of Labor said Wednesday that inflation in the United States in October was the highest since November 1990.

According to data released by the department, the consumer price index accelerated to 6.2% from the same period last year, above forecasts of 5.8%.

The data points out that after reaching the highest level in 13 years in September, inflation continues to accelerate in the United States, despite the US Federal Reserve (Fed) insisting that it is only "temporary." Compared to September, the monthly inflation rate rose to 0.9%, also above economists' projections of 0.6%.

The US Department of Labor also revealed, that October saw a rise in consumer prices and that it was in the energy sector that saw the largest rise in consumer selling prices (30%, up from 24.8% in September), with special emphasis on gasoline (which rose 49.6% compared to October 2020).