Inflation Eases Slightly in November, Yet Price Pressures Persist

Published on December 12, 2023

The U.S. annual inflation rate slowed to 3.1 percent in November, down from 3.2 percent, and matching economists’ expectations, according to the Bureau of Labor Statistics (BLS). The latest inflation data suggest the road to the Federal Reserve’s 2 percent target could be a slow journey. On a monthly basis, the consumer price index (CPI) edged up 0.1 percent, slightly higher than the consensus estimate of 0 percent. This was also up from the October reading of 0 percent. Core inflation, which excludes the volatile energy and food components, was unchanged at an annual rate of 4 percent. The core CPI rose 0.3 percent monthly. Shelter, which represents about 35 percent of the CPI data, climbed 0.5 percent. Compared to the same time a year ago, shelter costs are up 6.5 percent....

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