Inflation Slows, Consumer Prices Increase Slightly
Summary from the AllSides News Team
The Labor Department reported that inflation, measured by the CPI (Consumer Price Index), increased 0.1% in November and 3.1% in the preceding 12 months.
Key Details: Falling gas prices helped lower the CPI. Within November, the energy price index fell 2.3% and the food price index rose 0.2%,
Key Quote: "The inflation fever has broken," Comerica Bank chief economist Bill Adams said Tuesday, adding, "Core and total CPI cooler than expected in October with core at a new two-year low, keeping the Fed headed toward rate cuts in 2023."
For Context: The slowdown in inflation is good news for consumers, the White House, and the Federal Reserve. The Fed is not expected to raise interest rates at a two-day meeting that ends Wednesday.
How the Media Covered it: Sources on the left noted that inflation held steady in November and that the Fed was therefore likely to leave interest rates unchanged. Sources on the right noted that "high prices persist" even as inflation eases. Update 12/12/23 9:49 a.m. CT: Previous version incorrectly said CPI excludes food prices.
Featured Coverage of this Story
From the Center
Inflation Cooled Slightly as Underlying Pressures Remained Stubbornly High
Inflation held nearly steady in November, as cost declines for gasoline and long-lasting goods mostly offset price increases for housing, transportation and some other services.
The consumer-price index rose 3.1% in November from a year earlier, a slight slowdown from 3.2% in October, the Labor Department said Tuesday. Prices were up 0.1% from the prior month after holding steady in October.
Core prices, which strip out volatile food and energy components, rose 4% in November from a year earlier, the same as October. On a monthly basis, core prices rose 0.3%, faster...
From the Right
Inflation rises 0.1% in November, slightly more than expected
Inflation continued to moderate in November as a steep drop in gasoline prices helped to offset increases in the cost of housing, medical care and transportation.
The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.1% in November from the previous month, slightly more than expected.
Prices climbed 3.1% from the same time last year, which is in line with estimates by Refinitiv economists, and down from the 3.2% recorded in October.
Other parts...
From the Left
Inflation Holds Steady Ahead of Fed Meeting
Inflation data released on Tuesday showed that price increases remained moderate in November, the latest sign that inflation has cooled substantially from its peak. That’s likely to keep the Federal Reserve on track to leave interest rates unchanged at its final meeting of the year, which takes place this week.
The Consumer Price Index came out just as the Fed begins its two-day gathering, which will conclude with the release of an interest rate decision and a fresh set of quarterly economic projections at 2 p.m. on Wednesday. Jerome H....
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