November CPI: Inflation rose at annual 7.1% over last year

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)

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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