The CPI index for November came in lower than expected, giving investors some relief that inflation might be finally trending down and giving the Fed some reason to slow the pace of hikes even more. This past month, the rate of increase in CPI fell to 7.1%, which was lower by 0.2% than projected (7.3%). In October, this was 7.7%. It is the lowest level we have seen since December 2021.
Energy and prices of goods began its slowdown after pushing inflation higher all year. Energy, which is part of headline inflation, dropped across the board falling 1.6% MoM. We are still quite high on energy prices on a YoY level, sitting 13.1% above its level a year ago, while food has changed by 10.6%. According to the New York Fed, median one year-ahead inflation expectations dropped from 5.9% to 5.2% from October to November. Expectations three years out and five years out also dropped by 0.1 percentage points.
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