US inflation rises 3.1% YoY in November

December 13, 2023 (MLN): The U.S. consumer price index (CPI) for the month of November 2023 rose by 3.1% YoY, as compared to the 3% YoY numbers in October, the latest data issued by the U.S. Bureau of Labor Statistics on Tuesday showed.

Consumer prices rose at a slightly faster-than-expected pace.

Meanwhile, on a sequential basis, US CPI rose by 0.1% MoM as compared to 0% MoM in the previous month.

Moreover, Core CPI stood at a two-year low of 4% YoY, the same as the previous month.

While on a sequential basis, Core CPI rose 0.3% MoM as compared to an increase of 0.2% in October.

To note, CPI in the last year, November 2022 stood at 7.7% YoY, showing that the Federal Reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.

However, it still remains above the country's 2% inflation goal.

CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

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