US inflation over the past 12 months returned to positive territory for the first time since February, according to government data released Wednesday.
The latest Labor Department monthly report reveals that the Consumer Price Index, which measures inflation pressures at the consumer level, increased 1.8% from a year ago, and rose 0.4% in November.
The November reading was inline with most analysts’ expectations, and follows a 0.3% gain in October. The cost of living for Americans increased due to several categories, but was led by 4.1% jump in energy prices — the fourth straight monthly increase. Oil prices shot up 9%. Gasoline prices notably rose as well, soaring 6.4% in November after an increase of 1.6% in the month prior.
The so-called core consumer index that excludes the more volatile food and energy items was unchanged in November, marking the first month in ten without an increase. Analysts were expecting a 0.1% increase. The core CPI rose 0.2% in October. Continue reading U.S. Inflation Jumps 1.8% in Past 12 Months, Consumer Prices Up 0.4% in November
Americans paid more for energy and medical care in November, bringing the cost of living up from a month earlier, according to a government report released on Wednesday.
The Labor Department’s Consumer Price Index, or "CPI" for short, climbed 0.4% last month following a 0.3% pick up in October. The increase is inline with most expectations. Leading consumer prices higher were energy costs which jumped 4.1%. Energy prices have risen for four consecutive months. Food prices rose only slightly.
Removing food and energy costs, the core CPI remained unchanged after a gain of 0.2% in October. The flat reading is a stark contrast to the 10 straight prior increases. Many economists were forecasting a rise of 0.1%.
On an annual basis, inflation rose by 1.8% as compared to the 0.2% drop in the prior 12 months reported in October. Continue reading Inflation Calculator, American Inflation Rates and CPI Data Updates
Producer prices in the U.S. increased much more than expected in November, as did the annual wholesale inflation reading, according to a government report on Tuesday.
The Labor Department’s Producer Price Index (PPI), which measures inflation pressures before they reach the consumer, soared 1.8% in November — the biggest gain in three months. Expectations generally ranged from between 0.8% and 1.0%. October’s PPI advanced 0.3%. (Prices declined 0.6% in September after a 1.7% increase in August.)
"The numbers were a bit higher than expected, and investors are concerned a bit, but the market is not moving too much on it because there is a low possibility that these little tickles of inflation would lead to changes in rates," Keith Springer, president of Capital Financial Advisory Services in Sacramento, California, said on Reuters.
Energy prices at the wholesale level surged 6.9% in November as compared to a 1.6% increase in October and a 2.4% decline in September. Gasoline was a big part of the increase, soaring 14.2% in the month. Energy as a whole accounted for about 75% of November’s PPI increase. Continue reading US Producer Prices Jump 1.8% in November, Annual Wholesale Inflation Hits 2.4%