Economists were expecting the annual overall inflation rate to tick higher, to 3.2% from the 3.1% headline reading the month before, according to FactSet consensus estimates.
Despite the acceleration, the annual rate of consumer-level inflation is down considerably from December 2022’s rate of 6.5%; additionally, a closely watched measure of underlying inflation slowed further.
In December, core goods prices were flat, an apparent stalling out after six months of declines.
Rising shelter costs have kept core services elevated.
The central bank has a target inflation rate of 2%, as measured by the Personal Consumption Expenditures price index, which has its latest reading due out later this month.
Persons:
“, ” Wendy Edelberg, ” “, ’, Brian Coulton, Fitch, ” Scott Anderson, Jerome Powell, Joe Brusuelas, ”
Organizations:
New, New York CNN, of Labor Statistics, BLS, The Hamilton Project, Brookings, CNN, Federal, BMO, CPI, PCE, RSM
Locations:
New York, November’s