The prices of U.S. imports and exports surged in October, adding to signs that the current bout of inflation, which Federal Reserve policymakers and Biden administration officials say is “transitory,” could prove to be considerably more persistent.
Import prices rose 1.2 percent last month after gaining 0.4 percent in September, the Labor Department said in a Nov. 16 statement. In the 12 months through October, import prices jumped 10.7 percent, after rising 9.3 percent in September.
