A customer shops at a grocery store in New York, the United States, on Dec. 11, 2024. U.S. consumer inflation in November increased 2.7 percent from a year ago, after climbing 2.4 percent in September and 2.6 percent in October, the U.S. Labor Department reported Wednesday. (Xinhua/Liu Yanan)
WASHINGTON, Dec. 11 (Xinhua) -- U.S. consumer inflation in November increased 2.7 percent from a year ago, after climbing 2.4 percent in September and 2.6 percent in October, the U.S. Labor Department reported Wednesday.
According to the report released by the Bureau of Labor Statistics, the Consumer Price Index (CPI) -- a broad measure of goods and services costs across the U.S. economy -- increased 0.3 percent on a seasonally adjusted basis in November after rising 0.2 percent in each of the previous four months.
The latest inflation report showed that the so-called core CPI, which excludes food and energy, increased 0.3 percent in November, as it did in each of the previous three months. The core CPI has risen 3.3 percent over the last 12 months ending November, indicating continued inflation pressure.
The index for shelter rose 0.3 percent in November, accounting for nearly forty percent of the monthly all items increase. The food index also increased over the month, rising 0.4 percent. The energy index rose 0.2 percent over the month after remaining unchanged in October.
Indexes that increased in November include shelter, used cars and trucks, household furnishings and operations, medical care, new vehicles, and recreation. The index for communication was among the few major indexes that decreased over the month.
In a speech in Washington, D.C., earlier this month, Christopher Waller, a Federal Reserve governor and member of the policy-setting Federal Open Market Committee, said that recent data have raised the possibility that progress on inflation "may be stalling at a level meaningfully above 2 percent," while noting that "this is a risk but not a certainty."
Despite warning of "stalling" progress, Waller said that based on the economic data in hand and forecasts that inflation will continue on its downward path to 2 percent over the medium term, he currently leans toward supporting a cut to the policy rate at the December meeting.
The Fed will hold its final monetary policy meeting of the year on Dec. 17-18.
The Chicago Mercantile Exchange Group's FedWatch Tool, which acts as a barometer for the market's expectation of the Fed funds target rate, shows that as of Wednesday afternoon, the market expects a 98 percent probability that the Fed will cut interest rates by 25 basis points at the next meeting. ■
Customers shop at a grocery store in New York, the United States, on Dec. 11, 2024. U.S. consumer inflation in November increased 2.7 percent from a year ago, after climbing 2.4 percent in September and 2.6 percent in October, the U.S. Labor Department reported Wednesday. (Xinhua/Liu Yanan)
A pedestrian walks past a grocery store in New York, the United States, on Dec. 11, 2024. U.S. consumer inflation in November increased 2.7 percent from a year ago, after climbing 2.4 percent in September and 2.6 percent in October, the U.S. Labor Department reported Wednesday. (Xinhua/Liu Yanan)
Customers shop at a grocery store in New York, the United States, on Dec. 11, 2024. U.S. consumer inflation in November increased 2.7 percent from a year ago, after climbing 2.4 percent in September and 2.6 percent in October, the U.S. Labor Department reported Wednesday. (Xinhua/Liu Yanan)
A man fuels a vehicle at a gas station in New York, the United States, on Dec. 11, 2024. U.S. consumer inflation in November increased 2.7 percent from a year ago, after climbing 2.4 percent in September and 2.6 percent in October, the U.S. Labor Department reported Wednesday. (Xinhua/Liu Yanan)
A pedestrian walks past a grocery store in New York, the United States, on Dec. 11, 2024. U.S. consumer inflation in November increased 2.7 percent from a year ago, after climbing 2.4 percent in September and 2.6 percent in October, the U.S. Labor Department reported Wednesday. (Xinhua/Liu Yanan)
