WASHINGTON: US consumer prices increased solidly in November, which together with labour market strength could support the Federal Reserve's intention not to cut interest rates again in the near term after reducing borrowing costs three times this year.
The consumer price index rose 0.3 per cent last month as households paid more for gasoline and food prices increased for a third consecutive month. The CPI advanced 0.4 per cent in October. In the 12 months through November, the CPI increased 2.1 per cent after gaining 1.8 per cent in October. The Fed tracks the core personal consumption expenditures price index for its 2.0 per cent inflation target. The core PCE price index rose 1.6 per cent on a year-on-year basis in October and has undershot its target this year. November PCE price data will be published later this month.
In November, gasoline prices rose 1.1 per cent after rebounding 3.7 per cent in October. Food prices edged up 0.1 per cent, rising for a third straight month. Food consumed at home gained 0.1 per cent.
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