The US Federal Reserve’s preferred inflation gauge fell in November, yet another sign the central bank’s steep interest rate hikes have put downward pressure on prices.
Consumer prices, per the Personal Consumption Expenditures (PCE) price index, decreased by 0.1% month-over-month in November.
For the 12 months ended in November, consumer prices rose 2.6%, down from 2.9% in October.
Excluding the more volatile food and energy components, so-called core inflation rose 0.1% month-over-month and 3.2% from November 2022.
This was down from October's revised figure of 3.4% and below the Wall Street analyst estimate of 3.3%.