On a year-over-year basis, inflation fell to 7.1% in November, down from 7.7% in October, again growing at a slower pace than analysts expected for the second month in a row, according to NBC.
Details: November’s Consumer Price Index Summary — also called the “inflation report” — shows that inflation rose at the slowest pace in almost a year.
- “Inflation is coming down in America,” President Joe Biden said at the White House on Tuesday, via The New York Times. He stated that November’s CPI report is “news that provides some optimism for the holiday season, and I would argue, the year ahead.”
- Although inflation seems to be loosening its grip on the American people, it’s still a far cry from what the Federal Reserve deems “normal.”
- As noted in previous Deseret reporting, before the COVID-19 pandemic hit the country in 2020, inflation rates usually hovered around 2%. In May 2020 they hit a low of 0.1% and then peaked at 9.1% in June 2022.
What got cheaper last month? Here are the consumer prices that fell in November, according to the Consumer Price Index Summary.
- The price of energy fell by 1.6% in November, after rising 0.3% in October. The gasoline, natural gas and electricity indexes also declined.
- With the fall of energy prices, airline fares fell, along with the price of vehicle insurance.
- Gasoline prices fell by 2% in November.
- The cost of meat, poultry, fish and eggs fell by 0.2% last month, followed by the price of beef by 0.8%, and pork falling by 0.3%.
- The price of medical care fell in November by 0.5%, with the price of prescription drugs declining by 0.2%.
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What got more expensive last month?
- The price of food increased by about 0.5% in November. Fruit and vegetable prices rose by 1.4%, and bakery and cereal prices rose by 1.1%. Dairy followed, increasing by 1%.
- The price of shelter, the summary states, was the largest contributing factor to November’s monthly increase.
