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Daniel Christensen
Consumer prices in the US grew by 7.1% in November, according to data from the Federal Bureau of Labor Statistics. The index has been falling for five straight months, and this is the smallest price increase in the United States since December 2021. For instance, the annualized rate of inflation in the United States dropped to 7.7% in October from 8.2% in September.
The November numbers also exceeded expectations set by Bloomberg's survey of economists, who forecasted an inflation rate of 7.3% for the month. However, despite the decrease, the pace of price growth is still significantly higher than the Federal Reserve's (Fed) 2% target.
The Federal Reserve is expected to decide whether to raise interest rates on Wednesday, December 14. In an effort to control increasing prices, the Fed increased the rate by 75 basis points over the course of its last four meetings.
source: bloomberg.com
The November numbers also exceeded expectations set by Bloomberg's survey of economists, who forecasted an inflation rate of 7.3% for the month. However, despite the decrease, the pace of price growth is still significantly higher than the Federal Reserve's (Fed) 2% target.
The Federal Reserve is expected to decide whether to raise interest rates on Wednesday, December 14. In an effort to control increasing prices, the Fed increased the rate by 75 basis points over the course of its last four meetings.
source: bloomberg.com
