U.S. Consumer Inflation Up

CBJ — Consumer prices increased in the United States last month, which combined with a strong labour market, likely gives further credence to the Federal Reserve’s intention not to cut interest rates any time soon.

Figures were released by the U.S. Labor Department.

The consumer price index rose 0.3% last month as households paid more for gasoline and electricity, and food prices increased for a third consecutive month. The CPI advanced 0.4% in October. In the 12 months through November, the CPI shot up 2.1% after gaining 1.8% in October. Excluding the volatile food and energy components, the CPI rose by 0.2%, matching October’s increase.