BREAKING: Consumer prices rose 7.1% in November, continuing a monthslong decline from a 40-year record reached over the summer.
In this file photo taken on October 05, 2022, a man pumps gas in a Chevron station in Monterey Park, California.Consumer prices rose 7.1% in November, continuing a monthslong decline from a 40-year record reached over the summer.Monthly inflation also fell significantly. Prices rose 0.1% in November, cooling down from a 0.4% increase in October.
The top contributor to the monthly price increase came from shelter costs, which rose 0.6% in November. Food prices also jumped over the month, rising 0.5%.The decline in inflation follows a string of aggressiveThe inflation data arrives a day before the Fed is expected to impose another borrowing cost increase. Economists project the Fed will raise rates by 0.5% on Wednesday, a slowdown from three consecutive jumbo-sized rate hikes of 0.
By raising borrowing costs, the Fed has tried to slash inflation by cooling the economy and choking off demand. The approach, however, risks tipping the U.S. into a recession and putting millions out of work.
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