U.S. consumer prices shot up 8.2% in September, compared to a year earlier, according to the government's latest monthly consumer price index out today.
The report marks the final inflation numbers before the heavily anticipated Nov. 8th mid-term elections. Gallup and other polls indicate that the economy and rising prices in particular are top concerns for Americans.
The Federal Reserve has been raising interest rates for borrowers, so this latest .4% rise in consumer prices from August to September was discouraging news for investors, and stocks plunged on Wall Street Thursday morning.
U.S. inflation may have peaked in June however when it reached a stunning 9.1% year-over-year peak.
Still, the World Bank and International Monetary Fund (IMF) are also sounding the alarm over global recession saying there's a "real danger" it could happen next year.
Global inflation is expected to peak at 9.5% this year, encouraging the European, Chinese, and U.S. economies to stall.
"The worst is yet to come and for many people, 2023 will feel like a recession," said Pierre-Olivier Gourinchas, IMF chief economist this week.
In the U.S., some economists like the Heritage Foundation's Stephen Moore, say we're already in a recession.
"The first six months of the year the economy contracted -- that's the definition of a recession," he told CBN News' Faith Nation Wednesday. "I define this as a recession, cost-of-living recession where Americans are just getting pounded."
On Tuesday, President Biden pushed back on such talk in an interview with Jake Tapper. "I don't think there will be a recession. If there is, it will be a slight recession," he said. "We're in a better position than any other country in the world, economically and politically."
The Federal Reserve has taken extraordinary measures to curb rising prices. It has increased short-term interest rates by three points since March, hoping to tamp down the worst inflation since the early 1980's.
The Fed meets Nov. 1st-2nd and may increase rates yet again.
On top of all this, the threat of the first major U.S. rail strike in 30 years is back. This week, railroad workers rejected President Biden's deal. If a strike plays out, it could further cripple supply chains, right as the holidays approach.