The U.S. Bureau of Labor Statistics reported a modest rise in consumer prices in November, indicating a continued slowdown in inflation compared to last year. Prices for urban consumers increased by 0.1% from October, while core prices, excluding food and energy, rose by 0.3%. A significant decrease in gasoline and overall energy prices, down 9.8% over the past year, was offset by a 6.5% increase in shelter costs.
November’s inflation data largely met economists’ expectations, who anticipated a 0.3% rise in core prices and a steady overall price level. Compared to November 2022, overall prices increased by 3.1% and core prices by 4.0%, slightly below October’s figures of 3.2% and 4%, respectively.
Inflation has been gradually slowing since reaching a 40-year peak of 9.1% in June 2022. The easing inflation trend is easing financial pressures on consumers, although concerns remain due to high credit card interest rates and housing costs.
The Federal Reserve’s decision on interest rates, expected Wednesday, will be crucial. After significant rate hikes from early 2022 to mid-2023 to curb inflation, there’s speculation that rates might not rise further. This anticipation has recently reduced mortgage rates, with the rate on a 30-year fixed-rate mortgage dropping to about 7% from 8% in early October.
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