(Bloomberg). — The U.S. consumer’s October prices increased by more than a percent from 1990 to the highest point since 1990. This exceeded forecasts, and added evidence that inflationary pressures are building as businesses find greater success passing higher costs on.

Labor Department data Wednesday showed that the consumer price index increased starting October 2020. CPI rose in September, marking the fourth largest increase in just four months. 

A Bloomberg survey of economists found that the median forecast called for an overall CPI increase of 5.9% over the previous year and 0.6% more than the month before.

That is against the backdrop of strong demand. Businesses are steadily increasing prices for consumer products and services. But supply chain bottlenecks, shortages of skilled workers and other factors have all contributed to higher costs. Many economists, including the Federal Reserve’s members, anticipate that these price pressures will persist through next year keeping inflation up. 

On Tuesday, the report showed that prices paid to U.S. manufacturers also increased last month. This was largely due in part to rising goods costs. It adds to worries about global price pressures. China’s factory inflation increased last month by 26 percent, and Brazil’s consumer price growth was higher than predicted.

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