Inflation rises 2.7% in November, in line with expectations
In an exclusive interview with FOX Business Edward Lawrence, Federal Reserve Bank of San Francisco President Mary Daly talks next rate decisions, keeping the economy in a good place and potential impacts from a second Trump administration.
Inflation ticked higher again in November as prices remained stubbornly high for consumers, leaving Federal Reserve policymakers with fresh data to consider ahead of their meeting next week when another interest rate cut may be announced.
The Labor Department on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.3% in November while ticking up to 2.7% on an annual basis.
Those figures were in line with the expectations of economists polled by LSEG. Both the headline rate and monthly price growth figures were up compared with October's readings, which were 2.6% and 0.2%, respectively.
So-called core prices, which exclude more volatile measurements of gasoline and food to better assess price growth trends, were up 0.3% on a monthly basis in November and 3.3% from a year ago – both of which were unchanged from last month's readings.
FED'S FAVORED INFLATION GAUGE SHOWED PRICE GROWTH PICKED UP IN OCTOBER
Inflation was up 2.7% on an annual basis in November. (Scott Olson/Getty Images / Getty Images)
The report showed that inflationary pressures in the U.S. economy remain persistent despite progress in bringing inflation closer to the Federal Reserve's 2% target over the past year.
High inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Price hikes are particularly difficult for lower-income Americans,
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