WASHINGTON – The United States’ consumer price index (CPI) climbed 0.4 percent in November from the previous month, in line with economists’ expectations, and rose 2.2 percent year-over-year, the Labor Department said Wednesday.
The latest CPI reading followed a 0.1 percent month-over-month rise in consumer prices in October. The CPI rose 0.5 percent in September, its biggest gain in eight months.
The year-over-year increase in the CPI was 0.2 percentage points higher than in October, when the Labor Department’s Bureau of Labor Statistics reported a 2 percent rise.
The inflation rate is currently around the US Federal Reserve’s 2 percent target after years of falling short of that goal.
The November increase was mainly due to a 7.3 percent rise in gasoline prices, which had fallen by 2.4 percent in October; food prices were virtually unchanged for the second straight month.
The latest figures come a day after the Federal Reserve began its final policy meeting of 2017.
On Wednesday, the US central bank is widely expected to raise its benchmark federal-funds rate in response to an accelerating economy and a labor market that is close to full employment.
The federal-funds rate is currently at a range of between 1 percent and 1.25 percent.
The Federal Reserve has raised its benchmark rate – which had been set at a historically low level in the wake of the Great Recession – four times in the past two years and twice since the start of 2017.