The Labor
Department announced on Wednesday the U.S. consumer price index (CPI) rose by 0.3 per cent m-o-m in November, following
an unrevised 0.2 per cent m-o-m gain in the previous month. This was the indicator’s strongest monthly
performance since April (+0.3 per cent m-o-m).
Over the last
12 months, the CPI surged by 2.7 per cent y-o-y, accelerating from an unrevised increase
of 2.6 per cent y-o-y reported for the period ending in October. This marked the strongest 12-month advance since July (+2.9 per cent).
Economists had forecast
the U.S. CPI to increase 0.3 per cent m-o-m and 2.7 per cent y-o-y.
According to
the report, a 0.3 per cent m-o-m advance in the index for shelter accounted for
nearly forty per cent of the monthly gain in the index for all items last month.
In addition, the food index rose by 0.4 per cent m-o-m over the month and the
energy index increased by 0.2 per cent m-o-m.
The core CPI,
excluding volatile food and fuel costs, jumped by 0.3 per cent m-o-m in November, the same
pace as in the previous three months.
In the 12
months through November, the core CPI climbed by 3.3 per cent, at a similar
pace as in the 12-month periods ending in October and September.
Economists
had expected the core CPI to increase by 0.3 per cent m-o-m and 3.3 per cent
y-o-y in September.