- Consumer prices rose 3.1% in November
- The increase was sharply lower than the 40-year high of 9.1% in June 2022.
Inflation is coming down, but not without some twists and turns.
Overall inflation eased again in November, as a drop in gasoline prices offset another increase in rent.
But an underlying measure that the Federal Reserve watches closely stayed elevated, possibly buttressing the case for the central bank to hold off on interest rate cuts in the short term.
Consumer prices broadly rose 3.1% from a year earlier, down from 3.2% in October, according to the Labor Department’s consumer price index. That pulled inflation closer to the more than two-year low it reached in June, before a jump in gasoline prices. On a monthly basis, prices rose a modest 0.1%.
Author(s) | Periodical