The cost of living rose a scant 0.1% in November, the latest in a string of mild readings that suggest the worst U.S. inflation in 40 years is receding. Economists polled by The Wall Street Journal had forecast a 0.3% increase in the consumer price index.
Economists polled by The Wall Street Journal had forecast a 0.3% increase in the consumer price index.
The modest rise in inflation in November gave a big lift to stock prices in premarket trades. Wall Street hopes waning inflation will let the Federal Reserve scale back how much it raises U.S. interest rates. The so-called core rate of inflation, which omits food and energy, rose 0.2%. That’s the smallest gain since August 2021. Wall Street had forecast a 0.3% increase.
Big picture: Prices aren’t rising as fast now as they were earlier in the year, but economists and Fed officials say inflation probably won’t return to pre-covid levels of 2% until 2024 or even 2025.
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