ME News, Nov. 5 (UTC+8) — Inflation has erased all of the wage gains made by U.S. consumers since the pandemic began in 2020. Since April 2020, U.S. consumer prices have risen a cumulative 31.3%, reaching a record high in September, while average hourly earnings rose just 25.9% over the same period. Additionally, CPI inflation has remained above the Federal Reserve’s 2% target for 67 consecutive months, the third-longest stretch in the past 100 years. Only two stretches have been longer: one lasted 242 months and ended in 1986, and the other lasted 128 months and ended in 1997. Inflation continues to erode Americans’ purchasing power. (Source: ME)