November inflation breakdown: Where are prices still rising the fastest?
Piper Sandler Chief Global Economist Nancy Lazar details her economic expectations for the second half of the fiscal year on ‘Mornings with Maria.’
Inflation continued to ease in November as a steep drop in gasoline prices helped to offset the rising cost of housing, medical care and new cars.
The Labor Department reported Tuesday that the consumer price index, a broad measure of the price of everyday goods, including gasoline, groceries and rent, rose 0.1% in November from the previous month, slightly more than expected.
Prices climbed 3.1% from the same time last year, which is in line with estimates by Refinitiv economists, and down from the 3.2% recorded in October.
«Falling inflation does not mean that prices are falling. In fact, prices for just about everything are still higher than they were before the pandemic,» said Lisa Sturtevant, chief economist at Bright MLS.
Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.
INFLATION RISES 0.1% IN NOVEMBER, SLIGHTLY MORE THAN EXPECTED
Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. (Gabby Jones/Bloomberg/File / Getty Images)
Housing costs were the biggest driver of core inflation last month. Rent costs rose 0.5% for the month and are up 6.5% from the same time last year.
Rising rents are concerning because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home climbed by 0.5% from the previous month.
«Housing costs, in particular, are weighing on many individuals and families,»
Read more on foxbusiness.com
