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.
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US consumer prices increase more than expected in November