Inflation Cooled Further In November, With Prices Rising 7.1%

CBS Los Angeles

December 13, 2022

Inflation slowed sharply in November, the government reported Tuesday, continuing a gradual decline since price hikes peaked across the U.S. this summer.

The Consumer Price Index rose 7.1% over the last 12 months, the Labor Department said, lower than the 7.3% increase economists had expected and the slowest rate of inflation since December of 2021. Falling prices for energy, commodities and used cars offset increases in food and shelter.

Core inflation, which tracks average price increases except for volatile food and energy costs, rose 6%, slowing its previous rate of growth.

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