Photo: Moment RF
Inflation continued apace this October. Month-over-month inflation rose 0.2% according to the Consumer Price Index. The 12-month inflation rate is 2.3%, which marks a 0.2% increase from September.
One of the main causes of the continued inflation is rising housing costs. According to the CPI, shelter costs have risen nearly 5% since October of 2023. Investor Louis Navellier told Fox Business that this is something we will have to examine long-term. He said, "I'm slightly disappointed, but that's why the U.S. has higher inflation than the rest of the world. They don't have the housing inflation that we do."
Another major cause of inflation, according to Congressman Dan Meuser (R-PA), is excessive government spending. Meuser says he thinks that's something Elon Musk and Vivek Ramaswamy will be able to solve with the new Department of Government Efficiency (DOGE).
Meuser stated, "That will look at both the discretionary and mandatory sides of spending, and we will find, first of all, waste, abuse, and fraud, and then look for areas where we're just spending excessively. We think there's a neighborhood of a trillion dollars there."