Prices fell last month for the first time since April 2020
CNN
Last month, for the first time since April 2020, prices fell on a monthly basis.
Last month, for the first time since April 2020, prices fell on a monthly basis. US inflation slowed further in November, and consumer spending continued to outpace expectations, according to a closely watched report released Friday by the Commerce Department. November’s Personal Consumption Expenditures price index, a comprehensive measure of prices US households pay for goods and services, declined 0.1% from the month before, bringing the annual inflation rate to 2.6%. It’s the first time the headline PCE index went negative on a monthly basis since early in the pandemic. Annually, it’s a marked improvement from a 2.9% rate in October. The Federal Reserve’s favored inflation gauge — the “core” Personal Consumption Expenditures price index that excludes energy and food prices — also cooled to 3.2% for the year ended in November. That’s a step back from October’s annual increase of 3.4% and a step closer to the central bank’s 2% target rate. The core PCE price index is at its lowest annual rate since March 2021.
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