Inflation heated up last month as consumer prices rose 2.7%, underscoring the slog ahead

  • CNN
  • December 11, 2024
CNN

 — 

Inflation heated back up again in November, but it likely wasn't bad enough to keep the Federal Reserve from cutting rates next week.

Consumer prices were up 2.7% for the 12 months ended in November, moving higher from the 2.6% annual increase seen in October and marking the highest annual rate since July, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.

On a monthly basis, prices rose by 0.3% after rising 0.2% for the prior four months.

Economists were expecting inflation to pick up by 0.2% from October and record a 2.7% annual increase, primarily due to unfavorable comparisons from a year ago and stubborn housing-related inflation.

The CPI measures price changes across commonly purchased goods and services.