Consumer prices met expectations in November as a drop in energy prices dragged down headline inflation, according to the latest data from the Bureau of Labor Statistics released Tuesday morning.
The Consumer Price Index (CPI) — the final reading released in 2023 — showed prices ticked up slightly at 0.1% over last month and rose 3.1% over the prior year in November, a slight deceleration from October’s 3.2% annual gain in prices.
Economists had expected prices to come in flat month-over-month and rise 3.2% year-over-year, according to data from Bloomberg.
As expected, lower energy costs held the headline figures to a smaller gain with energy prices dropping 2.3% month-over-month, driven by lower gas prices, which dropped 6.0% during the month of November.
On a “core” basis, which strips out the more volatile costs of food and gas, prices in November climbed 4.0% over last year — matching the annual increase seen in October, according to Bloomberg data. Monthly core prices climbed 0.3%, slightly higher than October’s 0.2% monthly rise.
Economists had expected core prices to come in at those levels.
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance