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Biden says reversing rampant inflation is a 'top priority' after cost of living rises 6.2% - its highest level in 31 years: Manchin slams president for claiming price jumps are 'transitory' and says 'it's getting worse'

Inflation has reached its highest point in 31 years, as prices of everyday consumer goods rose 6.2 percent in October 2021 - the highest it has been since November 1990

The Consumer Price Index was released on Wednesday and shows that gas prices jumped a whopping 59 percent over last year, as the cost of meat increased 24 percent

When not factoring in food and energy prices, the so-called core CPI was up 0.6 percent from September 2021 and 6.2 percent since last year

The inflation is driven, at least in part, to the economy's resurgence from the widespread coronavirus pandemic-related shutdowns

Companies are struggling to get supplies and are delaying orders amid the supply-chain shortage

They are also pushing the lack of workers and wage increases onto the consumers

President Joe Biden said in a statement Wednesday that dealing with the rising inflation will be a 'top priority' for his administration

But Republicans have blamed the rising costs on Democrats' spending proposals

Sen. Joe Manchin also said the problem is only going to get worse as Biden tries to pass his $1.2 trillion Build Back Better plan through the Senate

If it passes in its current form, the United States would have the highest top income tax in the world

RNC Chairwoman Ronna McDaniel also said in a statement to DailyMail.com: 'In Biden’s America, your paycheck is worth less and you owe the government more'

Meanwhile, a Federal Reserve report released on Tuesday shows that household debt is at a record high

https://www.dailymail.co.uk/news/article-10182115/Producer-prices-rise-8-6-matching-September-record-high.html