The stronger-than-expected rise in the Consumer Price Index comes hours before the Federal Reserve is widely expected to announce it is leaving interest rates untouched, at least for now.
Upward pressures were more evident in prices compared to November 2018. Year-on-year, the index accelerated three tenths of a percentage point to 2.1 percent, the fastest increase in a year, according to the report.Core CPI posted a stronger 2.3 percent gain compared to November of last year, the same as in October.Though it was hotter than expected, the November price data are unlikely to persuade central bankers that inflation is becoming a problem.
CPI in recent years has typically run above the Fed’s preferred measure, the Commerce Department’s Personal Consumption Expenditures price index.