U.S. Inflation Cools to 7.1%, Beating Expectations

U.S. Inflation Cools to 7.1%, Beating Expectations

U.S. consumer inflation cooled to 7.1% over the past twelve months, the federal government announced Wednesday.

It was 7.7% in October and 8.2% in September. 

“The Consumer Price Index measure climbed 7.1 percent in November compared to a year earlier, less than the 7.3 percent that economists had expected and a slowdown from 7.7 percent in the previous reading. Between October and November, prices also picked up more slowly than forecast,” reported the New York Times.

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“After stripping out food and fuel prices, which move around a lot, the index climbed by 6 percent. That was less than the 6.1 percent Bloomberg projection,” added the Times. 

“Where it stands,” writes Axios. “The Federal Reserve has raced to try to get inflation under control, raising interest rates at a historic clip — moves that risk throwing the economy into a recession. Officials will likely raise rates by a smaller (but still historically huge) amount following a two-day policy meeting that concludes on Wednesday.”