According to the Labor Department, U.S. consumer prices increased solidly in November by 2.1% compared with the same month the previous year. Thus, inflation accelerated compared with 1.8% in October and reached its maximum rate over the past year. Consumer prices rose 0.3% from the previous month after rising 0.4% in October. Analysts predicted an increase of 2% in annual terms and 0.2% monthly. Prices excluding the cost of food and energy (Core CPI) in November rose by 0.2% compared to the previous month and by 2.3% compared with the same month last year. Both indicators coincided with the average expectations of analysts, as well as with the October changes. The growth rate of food prices in the USA in November slowed down to 1.9% in annual terms from 2.1% a month earlier, medical care – to 4.2% from 5.1%. The average hourly wage of Americans adjusted for inflation last month increased by 1.1% year on year compared with the revised 1.4% in October. Energy prices jumped 0.8% in November from the previous month. Such data 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.
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