The US inflation slowed again last month in the latest sign that price increases are gradually cooling.
The government said on Tuesday that consumer prices were down from 7.7% in October and a recent peak of 9.1% in June. It was the fifth straight slowdown.
On a month-to-month basis, the consumer price index rose just 0.1% in November, down from 0.4% in October.
Even with last month’s further easing of inflation, the Federal Reserve (Fed) plans to keep raising interest rates.
The Fed is set to boost its benchmark rate on Wednesday for a seventh time this year, a move that will further raise borrowing costs for consumers and businesses.
The Fed is expected to raise its key short-term rate by a half-point, after four straight three-quarter-point increases. That would leave its benchmark rate in a range of 3.75% to 4%, its highest level in 15 years.
Quadri Adejumo covers World News, Health, Climate & Humanitarian.
0 Comment(s)
SPONSORED
HEADLINE
TRENDING