US inflation unexpectedly cooled in November — slowing its pace in the first report since September after a government shutdown disrupted data gathering.
The Consumer Price Index rose 2.7% in November over the past 12 months, down from 3% in September and below expectations of a 3.1% rise, the Bureau of Labor Statistics said Thursday.
Core CPI – which excludes volatile food and energy prices – rose 2.6% over the same period, far below estimates of a 3% jump.
November’s inflation report did not include monthly figures, since the BLS canceled the October inflation report last month as a record-breaking government shutdown prevented the collection of data.
Last week, the Fed slashed interest rates for a third time this year on price pressures – even as it contends with a weakening labor market.
Fed Chairman Jerome Powell warned last week that upcoming economic data “may be distorted” by the shutdown and should be viewed with a “somewhat skeptical eye.”
This is a developing story.
