October’s official CPI inflation numbers came in at a 6.2% year-over-year increase, and the eurozone’s inflation rose to 4.1%. The U.S. inflation hit 30-year-high and the European 13-year-high.
Here’s one way to describe what that means. According to official numbers, you lost money unless you got a 6.2% pay raise this year. In other words, thanks to inflation, you got a pay cut.