The most recent data reveals an uptick in U.S. inflation, as consumer prices climbed in November. The Commerce Department reported that consumer prices rose by 2.8% compared to the same month last year.
Inflation Insights for November
This increase marks a slight rise from October’s annual rate of 2.7%. Notably, core prices, which exclude food and energy, also saw an increase of 2.8% year-over-year in November. This is a marginal uptick from the previous month’s core inflation rate of 2.7%.
Monthly Inflation Rates
On a month-to-month basis, inflation showed milder movements. Both overall and core inflation increased by just 0.2% in November compared to October. If this trend continues, inflation may gradually approach the Federal Reserve’s target rate of 2%.
Contextual Economic Growth
In addition to inflation data, the government reported economic growth figures. The U.S. economy expanded at an impressive annual rate of 4.4% during the July to September quarter.
Contributing Factors
This growth rate is the fastest recorded in the past two years. However, analysts note that inflation has not dropped significantly since peaking at a 40-year high in 2022.
- Current Inflation Rate: 2.8% (November year-on-year)
- Previous Month’s Rate: 2.7% (October year-on-year)
- Core Inflation Rate: 2.8% (November year-on-year)
- Monthly Change: 0.2% increase from October
- Economic Growth Rate: 4.4% annual growth (July-September)
These figures illustrate the ongoing challenges for consumers and policymakers as the economy continues to navigate elevated inflation levels.
