A shopper looks over clothing on display in a Costco warehouse Wednesday, Dec. 4, 2024, in Sheridan, Colo. (AP Photo/David Zalubowski)
Washington, United States — US consumer inflation ticked up for a second consecutive month in November, according to government data published Wednesday, complicating the Federal Reserve’s deliberations over interest rates.
The consumer price index (CPI) rose to 2.7 percent last month from a year ago, up slightly from 2.6 percent in October, the Labor Department said in a statement.
Article continues after this advertisementThis was in line with the median forecast of economists surveyed by Dow Jones Newswires and The Wall Street Journal.
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The rise adds to the challenges the Fed faces returning inflation to its long-term target of two percent, potentially slowing the pace of rate cuts over the coming months.
The report for the first half of 2024 showed that 52.9 percent of Argentina’s 47 million people now live in poverty and nearly one in five are indigent.
China has struggled with high youth unemployment, falling consumption, and a property sector crisis in recent years, all of which threaten the government’s goal of five percent growth this year.
lodi777 phArticle continues after this advertisementThe US central bank recently began dialing back interest rates from a two-decade high, and its benchmark lending rate currently sits at between 4.50 and 4.75 percent, down three quarters of a percentage-point from September.
Article continues after this advertisementThe financial markets widely expect the Fed to make another quarter point cut next week, according to CME Group data.
Article continues after this advertisementThe US consumer inflation rate slowed for much of this year, falling to 2.4 percent year-on-year in September, before reversing course in recent months.
But despite the uptick, most analysts, and Fed officials, still think the overall trajectory for inflation is downward over time.
Article continues after this advertisementA measure of inflation that strips out volatile food and energy costs known as core inflation came in at 3.3 percent last month, according to the Labor Department. This was in line with expectations.
Both monthly headline and core inflation rose 0.3 percent in November, also in line with expectations.
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