WASHINGTON: U.S. consumer prices increased solidly in November, which together with labor 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.
Economists polled by Reuters had forecast the CPI climbing 0.2per cent in November and rising 2.0per cent on a year-on-year basis. The dollar was little changed against a basket of currencies after the CPI data, while U.S. Treasury prices dipped.November's firmer inflation readings followed a report last Friday showing the economy added a robust 266,000 jobs in November and the unemployment rate fell back to 3.5per cent, its lowest level in nearly half a century. Other data on housing, trade and manufacturing have also been relatively upbeat, and suggested the economy was growing at moderate speed rather than stalling.
The rent index gained 0.3per cent after edging up 0.1per cent in October, which was the smallest gain since April 2011. It was lifted by a 1.1per cent rebound in the cost of hotel and motel accommodation after tumbling 3.8per cent in October.
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