The U.S. Labor Department reported that its Consumer Price Index (CPI) increased 0.3% in November, with increases in shelter and energy indexes the major factor in the increase. The CPI advanced 0.4% in October. In the 12 months through November, the CPI rose 2.1%, after gaining 1.8% in October. Economist polled by Reuters had forecast the CPI climbing 0.2% in November and rising 2.0% on a year-over-year basis. The stronger than expected increase in the CPI lessens the likelihood that the Fed will cut interest rates in the near term.
US consumer prices increase more than expected in November