Consumer prices rose 7.1% in November, continuing a monthslong decline from a 40-year record reached over the summer.
Monthly inflation also fell significantly. Prices rose 0.1% in November, cooling down from a 0.4% increase in October.
"It means that we are taking a step in the right direction," says Chris Lafakis, a director at Moody's Analytics. "What I view this report as is more of a going back to normal from the supply shocks: from the Russian invasion , from COVID, the supply side of the economy recovering.""In November, we estimate that the average US household spent $396 more dollars per month to buy the same goods and services as it did a year ago.
By raising borrowing costs, the Fed has tried to slash inflation by cooling the economy and choking off demand. The approach, however, risks tipping the U.S. into a recession and putting millions out of work. But rising wages often push companies to hike prices to make up for the added costs, which can worsen inflation and make it more difficult to reverse.
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