The annual inflation in the United States ran at 7.1% in November, slipping further from the previous month’s 7.7%, the Labor Statistics Bureau revealed in its report on Tuesday. The figure continued to fall for the fifth straight month, coming in lower than analysts expected. Compared to October, Consumer Price Index (CPI) grew 0.1%.
The jump in the reading was mainly driven by shelter prices. The energy index surged 13.1% for the 12 months ending November, while the figure was down 1.6% month on month. The food prices climbed 10.6% in comparison to the same period in 2021, with the figure 0.5% higher on a monthly basis.
Year over year, the core CPI, which excludes food and energy, increased 6% in November, marking a decline from the October reading of 6.3%. Compared to the month prior, the figure rose 0.2% in November.
