CPI Numbers Reveal Inflation Cooled in November, but Consumer Prices Still Remain Significantly High

The Consumer Price Index (CPI) released today shows that average prices for goods went up 0.1 percent in November compared to October, and increased 7.1 percent on an annual basis, revealing a cooling down of inflationary expansion as expected by economists even as prices persist at decades-high levels.
The CPI, the most widely adopted inflation barometer, registered a monthly rise of 0.5 percent in food, while energy decreased -1.6 percent, according to data from the U.S. Bureau of Labor Statistics. The 12-month average touched a peak last June when it hit 9.1 percent, but has since steadily cooled following interest rate hikes by the Federal Reserve, and a general decrease in economic demand. Demand had surged after pandemic-related shutdowns were eased across the country and internationally….