Consumer Price Index (CPI) data released today revealed that prices rose last month at the slowest 12-month pace since December 2021, the latest sign that inflation is beginning to cool off.
The index, which measures a variety of goods and services, rose just 0.1% from the previous month, and increased 7.1% from a year ago, according to the Labor Department. Economists surveyed by Dow Jones had been expecting a 0.3% monthly increase and a 7.3% 12-month rate.
Although the increase is well above the Federal Reserve’s 2% target for a healthy inflation level, November’s data builds on a trend of moderating price increases since June’s 9.1% peak.
Today’s inflation figures are likely to be factored into the Federal Reserve’s discussion about the next steps in their policy campaign against rapid price increases. Policymakers are gathered in Washington this week, and their latest rate decision is set to be released at 2 pm on Wednesday.
Related: When Will We Hit Peak Inflation?
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