Inflation rose again in November, matching expectations from analysts in this year’s final report for rising consumer prices ahead of an expected rate cut.
This year’s final CPI report precedes an expected rate cut from the Federal Reserve.
Consumer prices rose 2.7% from November 2023 to last month, according to Bureau of Labor Statistics data released Wednesday, matching average analyst estimates of 2.7%, according to FactSet.
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Inflation has progressively lowered from a peak of around 9% in June 2022, sparked by the pandemic creating roadblocks for supply chains and a rise in commodity prices. CPI inflation has remained above a 2% target since before the Covid-19 lockdowns, and the rate rose in October (2.6%) for the first time since March as core CPI has shifted higher since July. Under President-elect Donald Trump, some experts believe inflation will rise again after Trump proposed increased tariffs on imports from China, Mexico and Canada. Walmart’s chief financial officer John David Rainey has argued the new tariffs would be “inflationary” for consumers.
This is a developing story.