Headline RoundupDecember 13th, 2022

Annual Inflation Rose 7.1% in November

Summary from the AllSides News Team

The consumer price index (CPI) rose 7.1% over the year ending in November and climbed 0.1% from the previous month, according to the Bureau of Labor Statistics.

For Context: Economists surveyed by Dow Jones had expected a 0.3% monthly increase and a 7.3% annual jump, making November's report better than anticipated. That report was similar to October's data, which also showed inflation easing but remaining near record-high levels.

The Details: Amid falling gas prices, energy prices overall dropped 1.6% from October, but remained 13.1% higher than last year. No item in the CPI rose by over 2% on a monthly basis for the first time since July. Food prices have risen slightly each of the last seven months, and are 10.6% higher than a year ago.

How the Media Covered It: The inflation report was the top story from news sources across the political spectrum Tuesday morning. Left- and center-rated sources often focused on the positives. USA TODAY highlighted how prices "throttled back significantly for a second month." CNBC said the report is "the latest sign that the runaway inflation that has been gripping the economy is beginning to loosen up." Conversely, Fox Business highlighted how "consumer prices remained near a multi-decade high" and how high prices are "continuing to squeeze millions of U.S. households and small businesses."

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