The U.S. consumer price came in at 3.1% year-on-year in November, in line with expectations from Economists surveyed by Dow Jones and also slowed down from 3.2% a month earlier.
Inflation was up 0.1% in November after being unchanged in October, according to the data published by the Labor Department’s Bureau of Labor Statistics on Tuesday.
Though prices showed signs of decline on an annualized basis, it remained at a higher level as well as above the Fed’s target rate of 2.0%. This could be concrete evidence that the US central bank will not pivot its direction on monetary policy this month and early next year.
Meanwhile, core inflation, which excluded food and energy prices, was also in line with expectations of 4.0% YoY and 0.3% MoM.
Shelter and Transportation remained the key factors that drove prices as data in November have a higher inflation rate today than June 2022.
