Consumer prices made their biggest leap in 25 years after Hurricanes Katrina and Rita hit, according to the U.S. Department of Labor.
The consumer price index shot up by 1.2 percent in September, led by the biggest energy price surge on record. It’s up 4.7 percent from a year ago.
The energy index jumped 12 percent in September as the hurricanes wreaked havoc on oil refineries and drilling platforms in the Gulf of Mexico. That’s up a whopping 34.8 percent from a year ago.
Reuters reported that the 12 percent rise in the energy index was the biggest increase on records that date back to 1957. The 34.8 percent increase is the biggest since 1980.