Falling gas prices helped ease inflation in November, but some costs kept rising
Headline from Press of Atlantic City
The latest data on consumer inflation showed that prices in some areas — services such as restaurants, used cars and auto insurance — continued to rise uncomfortably fast.
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The latest data on consumer inflation showed that prices in some areas — services such as restaurants, used cars and auto insurance — continued to rise uncomfortably fast.
Inflation dipped to 3.1% last month — less than half what it was at the beginning of the year. Falling gasoline prices helped to offset rising rents and medical bills last month.
The mixed picture in Tuesday’s inflation report will likely keep the Fed on track to leave its benchmark interest rate unchanged when its latest meeting ends Wednesday.
Tuesday’s report from the Labor Department said the consumer price index rose just 0.1 percent from October to November. Compared with a year earlier, prices were up 3.1 percent in November, down from a 3.2 percent year-over-year rise in October.
