Inflation slowed again last month, more than expected, as the Federal Reserve raised interest rates at the fastest pace in decades.
The Consumer Price Index (CPI) in November showed a 7.1% increase over last year and 0.1% increase over the month. Economists had expected prices rose at an annual 7.3% and 0.3% on a monthly basis, per Bloomberg data.
On a “core” basis, which strips out the volatile food and energy components of the report, prices rose 6.0% year-over-year and 0.2% over the month.
Consensus estimates called for a 6.1% annual increase and 0.3% monthly increase in the core CPI reading.
(This post is breaking. Please check back for updates.)
WASHINGTON, DC – NOVEMBER 30: Chair of the U.S. Federal Reserve Jerome Powell speaks at the Brookings Institution. (Photo by Drew Angerer/Getty Images)
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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