WASHINGTON—Consumer prices bumped up in November by the most in several months, the Bureau of Labor Statistics reported Wednesday.
However, the hike, analysts agree, won’t keep the Federal Reserve from delivering a third consecutive interest rate cut next week, largely to support a labor market that has been slowing.
The Consumer Price Index increased 0.3% on a seasonally adjusted basis in November, after rising 0.2% in each of the previous four months.
“The November monthly increase in prices for several items indicates that the path to the desired level of inflation is not linear,” said Dawit Kebede, America's Credit Unions senior economist. “Year-over-year price growth began trending upwards since September. However, consumers’ median one-year-ahead price expectations have remained stable during the same period. This anchored expectation is encouraging news for monetary policy considerations."