Minneapolis Health & Fitness Journal —
Inflation, as measured by the consumer price index, cooled off significantly in November and is at its lowest level in almost a year.
Prices rose 7.1% annually in November, compared with 7.7% in October, according to the Bureau of Labor Statistics’ closely watched index, which measures the change in the prices paid by consumers for goods and services.
The November rate, which marked the fifth consecutive monthly decline, landed below economists’ expectations of 7.3% and was the lowest since December 2021.
On a monthly basis, prices rose 0.1% last month compared to 0.4% in October.
The core CPI, which excludes the volatile food and energy categories, was 6% for the year ended November, down from 6.3% in October. On a monthly basis, the core CPI increased by 0.2%.
The report comes just hours before Federal Reserve officials prepare to sit down and ponder key economic data that will support their decision to tighten monetary policy further. The Fed has raised interest rates at each of its last six meetings — including an unprecedented series of four three-quarter-point hikes — to help bring down the highest inflation since the early 1980s.
Economists expect the Fed to approve a half-point hike at this meeting.
This story is evolving and updated.