Inflation slowed again last month, more than expected, as the Federal Reserve raised interest rates at the fastest pace in decades.
The Consumer Price Index (CPI) in November showed a 7.1% increase over last year and 0.1% increase over the month, the Bureau of Labor Statistics said Tuesday. Economists had expected prices to rise at an annual 7.3% clip and 0.3% month-over-month, per Bloomberg data.
On a “core” basis, which strips out the volatile food and energy components of the report, prices climbed 6.0% year-over-year and 0.2% over November. Consensus estimates called for a 6.1% annual increase and 0.3% monthly increase in the core CPI reading.
U.S. stock futures surged following the release. Contracts on the S&P 500 rallied 2.8%, while futures on the Dow Jones Industrial Average soared more than 700 points. Nasdaq futures jumped 3.8%.
Approved ~ FS
Randy Marsh
Article URL : https://www.msn.com/en-us/money/markets/november-cpi-inflation-rose-at-annual-71-over-last-year/ar-AA15e52M