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U.S. consumer prices accelerated at the fastest annual pace in more than 30 years as supply chain bottlenecks and materials shortages persisted and gasoline prices surged.

The consumer price index climbed 6.2% year over year in October, the Labor Department said. The increase marked the largest annual gain since November 1990. Prices rose 0.9% month over month.

Analysts surveyed by Refinitiv were expecting prices to rise 0.6% in October and 5.8% annually.

"Inflation is broadening out," said Greg McBride, chief financial analyst at Bankrate. "In addition to food, energy, and shelter continuing to post outsized monthly increases, new and used car prices are once again shifting into overdrive."

INFLATION WILL LIKELY GET WORSE BEFORE IT STARTS IMPROVING, GOLDMAN WARNS

Energy prices jumped 4.8% last month, and were up 30% over the past year. The October increase was largely the result of a 6.1% rise in the cost of gasoline.

Food prices, meanwhile, edged up 0.9% last month as the food at home category saw a 1% increase. All food prices are up 5.3% year over year.
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