12-Month Inflation Rate Increases by Smallest Amount Since December
The Consumer Price Index rose only 0.1% in November, after increasing by 0.4% in October, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the “all items” index increased 7.1% before seasonal adjustment, down from 7.7% for October.
The U.S. Consumer Price Index report for November showed that the index for shelter was the largest contributor and offset a 1.6% decrease in the energy index, while the food index increased by 0.5%.
Stocks closed higher on the news that year-over-year inflation is cooling. Today, the U.S. Federal Reserve is expected to increase interest rates based on labor market challenges. Click here to read the BLS press release.