The consumer price index was expected to increase 0.3% in November, according to Dow Jones estimates.
Prices rose less than expected in November, the latest sign that the runaway inflation that has been gripping the economy is beginning to loosen up.
The increase from a year ago, while well above the Federal Reserve's 2% target for a healthy inflation level, was tied for the lowest since November 2021. Stocks roared higher following the report, with futures tied to the Dow Jones Industrial Average up more than 800 points initially before easing a bit.
Shelter costs, which make up about one-third of CPI weighting, continued to escalate, rising 0.6% on the month and now up 7.1% on an annual basis.
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