As the Fed votes to raise interest rates, it continues to fight against the worsening inflation in the US.
However, this increase is less than the prior ones the Fed imposed. The lower rate could indicate that the pace of inflation in the nation is decreasing. But as recent research revealed, consumer prices are still higher than twelve months ago. The data indicates prices increased by 7.1%, well above the Fed’s target rate reduction of 2%.
“It’s good to see progress, but let’s just understand we have a long ways to go to get better price stability,” added Fed Chairman Jerome Powell.
“The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in November on a seasonally adjusted basis, after increasing 0.4 percent in October, the US Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment,” said the report.
“The index for all items less food and energy rose 0.2 percent in November, its smallest increase since August 2021. The shelter index continued to increase, rising 0.6 percent over the month. The rent index rose 0.8 percent over the month, and the owners’ equivalent rent index rose 0.7 percent. The index for lodging away from home decreased 0.7 percent in November, after rising 4.9 percent in October,” it continued...Read More
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Source: US Reporter