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  • World - North America
  • Updated: December 13, 2022

US Inflation Slows Over Past 12 Months

US Inflation Slows Over Past 12 Months

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.

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