U.S. Consumer Prices Inch Slightly Higher In November, Annual Growth Slows

RTTNews | 945 days ago
U.S. Consumer Prices Inch Slightly Higher In November, Annual Growth Slows

(RTTNews) - Consumer prices in the U.S. inched up by less than expected in the month of November, according to a highly anticipated report released by the Labor Department on Tuesday.

The Labor Department said its consumer price index crept up by 0.1 percent in November after climbing by 0.4 percent in October. Economists had expected consumer prices to rise by 0.3 percent.

The report also showed the annual rate of growth by consumer prices slowed to 7.1 percent in November from 7.7 percent in October.

The year-over-year increase in November, which came in below expectations for a slowdown to 7.3 percent, reflects the slowest annual growth since December 2021.

The monthly uptick in consumer prices was largely due to a continued advance by prices for shelter, which climbed by 0.6 percent in November following a 0.8 percent increase in October.

Food prices also rose by 0.5 percent in November after advancing by 0.6 percent in October, reflecting higher prices for both food at home and food away from home.

Meanwhile, the report said energy prices tumbled by 1.6 percent in November after jumping by 1.8 percent in October, as gasoline prices pulled back sharply.

"With gasoline prices collapsing over the past few weeks, headline CPI will show an outright decline in December," predicted Paul Ashworth, Chief North America Economist at Capital Economics.

He added, "The Fed could dismiss the better-than-expected October as just one month's data, but the further slowdown in November makes this new disinflationary trend harder to dismiss."

Excluding food and energy prices, core consumer prices edged up by 0.2 percent in November after rising by 0.3 percent in October. Core prices were expected to show another 0.3 percent increase.

The annual rate of growth by core consumer prices slowed to 6.0 percent in November from 6.3 percent in October, while economists had expected price growth to slow to 6.1 percent.

The modest monthly increase in core prices reflected the increase in prices for shelter as well as higher prices for communication, recreation, motor vehicle insurance, education and apparel.

Meanwhile, lower prices for used cars and trucks, medical care, and airline fares helped limit the upside for core prices.

A separate report released by the Labor Department last Friday showed U.S producer prices increased by more than expected in the month of November.

The Labor Department said its producer price index for final demand rose by 0.3 percent in November, matching upwardly revised increases in October and September.

Economists had expected producer prices to inch up by 0.1 percent compared to the 0.2 percent uptick originally reported for the previous month.

Meanwhile, the report showed the annual rate of producer price growth slowed to 7.4 percent in November from 8.1 percent in October, in line with economist estimates.

read more
New York Manufacturing Index Unexpectedly Indicates Growth In July

New York Manufacturing Index Unexpectedly Indicates Growth In July

New York manufacturing activity has seen a notable turnaround in the month of July, according to a report released by the Federal Reserve Bank of New York on Tuesday. The New York Fed said its general business conditions index surged to a positive 5.5 in July from a negative 16.0 in June, with a positive reading indicating growth. Economists had expected the index to rise to a negative 10.0.
RTTNews | 9h 36min ago
U.S. Consumer Prices Rise 0.3% In June, In Line With Estimates

U.S. Consumer Prices Rise 0.3% In June, In Line With Estimates

The Labor Department released a report on Tuesday showing consumer prices in the U.S. increased in line with economist estimates in the month of June. The report said the consumer price index rose by 0.3 percent in June after inching up by 0.1 percent in May.
RTTNews | 9h 39min ago
U.S. Jobless Claims Unexpectedly Slip To 227,000

U.S. Jobless Claims Unexpectedly Slip To 227,000

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 5 days ago
U.S. Weekly Jobless Claims Unexpectedly Edge Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Lower

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 5 days ago
U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

Home loan applications in the U.S. rose to their highest level since early 2023 in the week ended July 04, while mortgage rates eased only modestly, survey data from the Mortgage Bankers Association showed on Wednesday. The number of mortgage applications grew 9.4 percent from the previous week when it they rose 2.7 percent, the MBA said.
RTTNews | 6 days ago