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US inflation unexpectedly fell last month, the government said in a report, which was delayed by the government shutdown.
labor department reported Thursday that its consumer price index was up 2.7% in November from a year earlier.
The report was delayed by eight days due to the 43-day shutdown of the federal government, which also prevented the Labor Department from compiling overall numbers for consumer prices and core inflation in October. Thursday’s report gave investors, businesses and policymakers a first look CPI Since September figures were released on October 24.
Consumer prices rose 3% in September from a year earlier, and forecasters expected the November CPI to be flat with a year-over-year increase.
U.S. inflation remains above the Federal Reserve’s 2% target, partly due to President Donald Trump’s decision to impose double-digit taxes on imports from nearly every country on earth along with targeted tariffs on specific products like steel, aluminum and autos.
The President’s tariffs have so far proven less inflationary than economists feared. But they put upward pressure on prices and complicate matters for the Fed, which is trying to decide whether to continue cutting its benchmark interest rate to support a booming job market or hold off until inflation pressures subside. The central bank last week decided to cut rates for the third time this year, but Fed officials indicated they expect just one cut in 2026.