A measure of inflation closely watched by the Federal Reserve slowed last month, another sign that a long surge in consumer prices seems to be easing. The report from the Commerce Department showed that prices rose 5.5% in November from a year earlier.
FILE - Shoppers are silhouetted against the sky as they arrives for a sale at a Best Buy store Friday, Nov. 25, 2022, in Overland Park, Kan. On Friday the Commerce Department issues its November report on consumer spending. The report contains a measure of inflation that is closely watched by the Federal Reserve, which has aggressively tried to corral inflation this year by raising its key lending rate seven times.
Friday’s report from the Commerce Department showed that prices rose 5.5% in November from a year earlier, down from a revised 6.1% increase in October and the smallest gain since October 2021. Excluding volatile food and energy prices, so-called core inflation was up 4.7% over the previous year. That was also the smallest increase since October 2021.
Inflation, which began surging a year and a half ago as the economy bounced back from 2020′s coronavirus recession, still remains well above the 2% year-over-year growth the Fed wants to see.
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