US inflation cooled more than expected in November, easing to 7.1% annually, the smallest increase in a year. But prices remain painfully high.
Prices rose 7.1% annually in November, down from 7.7% in October, according to the Bureau of Labor Statistics’ closely watched index, which measures the change in prices paid by consumers for goods and services. November’s rate, which was the fifth-straight monthly decline, landed below economists’ expectations of 7.3% and was the lowest since December 2021. On a month-to-month basis, prices rose by 0.1% last month, as compared to October’s reading of 0.4%.
Core CPI, which excludes the volatile food and energy categories, measured 6% for the year ended in November, down from the 6.3% rate in October. On a monthly basis, core CPI increased by 0.2%. The report comes just a few hours before Federal Reserve officials prepare to sit down and pore over key economic data that will help inform their decision on further monetary policy tightening.
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