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U.S. Consumer Prices Inch Up Less Than Expected In November
(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.
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 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 economist estimates for a slowdown to 7.3 percent, reflects the slowest annual growth since December 2021.
The annual rate of growth by core consumer prices also 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.
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