Prices Cooled More Than Expected Last Month Easing Inflation

Data from the Bureau of Labor Statistics released today showed the smallest increase in inflation since December 2021 giving some relief to households and businesses. https://twitter.com/nytimes/status/1602660092394061826 From the New York Times:

Fed policymakers are set to release their latest rate decision at 2 p.m. on Wednesday, at the conclusion of their two-day meeting. They are widely expected to raise interest rates by half a percentage point, slowing down after months of rapid three-quarter point moves. They will also release fresh economic projections.

The Consumer Price Index measure climbed 7.1 percent in November compared to a year earlier, less than the 7.3 percent that economists had expected and a slowdown from 7.7 percent in the previous reading. Between October and November, prices also picked up more slowly than forecast.

After stripping out food and fuel prices, which move around a lot, the index climbed by 6 percent. That was less than the 6.1 percent Bloomberg projection.

Read more at the New York Times. https://twitter.com/byHeatherLong/status/1602664669415710726