Inflation Eases Slightly in November, Yet Price Pressures Persist

Rising housing costs are offset by a decline in gasoline prices.

People shop in a grocery store in Los Angeles, Calif., on Oct. 12, 2023. Mario Tama/Getty Images

The U.S. annual inflation rate slowed to 3.1 percent in November, down from 3.2 percent, and matching economists’ expectations, according to the Bureau of Labor Statistics (BLS). The latest inflation data suggest the road to the Federal Reserve’s 2 percent target could be a slow journey.

On a monthly basis, the consumer price index (CPI) edged up 0.1 percent, slightly higher than the consensus estimate of 0 percent. This was also up from the October reading of 0 percent.