US Inflation Rises 0.3% in November; Annual Rate at 2.7%, Above Fed's Target

Dec 11, 2024, 01:31 PM

US consumer prices rose in November, with the Consumer Price Index (CPI) increasing 0.3% month-over-month and 2.7% year-over-year, both figures matching economists' expectations. Core CPI, excluding food and energy, also rose 0.3% month-over-month and 3.3% year-over-year, as anticipated. This marks the second consecutive month of rising annual inflation and the highest rate since July, indicating that inflation pressures remain persistent and above the Federal Reserve's 2% target. The data aligns with forecasts from major banks and may reinforce expectations for the Federal Reserve to cut interest rates by 25 basis points at its meeting next week.