A measure of inflation closely watched by the Federal Reserve slowed last month, another sign that a long surge in consumer prices seems to be easing. Excluding volatile food and energy prices, so-called core inflation was up 4.7% over the previous year.
A measure of inflation closely watched by the Federal Reserve slowed last month, another sign that a long surge in consumer prices seems to be easing.
Inflation, which began surging a year and a half ago as the economy bounced back from 2020′s coronavirus recession, still remains well above the 2% year-over-year growth the Fed wants to see.The central bank has raised its benchmark interest rate seven times since March in an attempt to bring consumer prices under control.
“We expect a deceleration in household spending as the Fed hikes rates further in 2023,’’ Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a research note.The Fed is believed to monitor the Commerce Department’s inflation gauge that was issued Friday, called the personal consumption expenditures price index, even more closely than it does the Labor Department’s better-known consumer price index. CPI rose 7.1% in November from 12 months earlier, down from June’s 9.
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