Inflation Ticked Up to 2.7% in November

Inflation picked up in November, a sign that the path to bringing down price pressures remains bumpy, the Wall Street Journal reported. The consumer-price index rose 2.7% from a year earlier, the Labor Department said Wednesday, after rising 2.6% in October. Core prices, which exclude volatile food and energy items, climbed 3.3% over the previous 12 months. The CPI index rose 0.3% from the prior month, the strongest month-over-month increase since April. The increase was driven by persistent inflationary pressures in the cost of food, vehicles and medical care. The report follows other data that suggest U.S. consumers are feeling relatively upbeat, buoyed by a strong jobs market. Spending rose at a steady clip in October, according to recent data from the Commerce Department. Consumers have become more optimistic following the U.S. presidential election, according to measures from the University of Michigan and the Conference Board. Business confidence also has improved on hopes of more business-friendly tax and regulatory policies under the incoming Republican administration. On Tuesday, the National Federation of Independent Business said its small-business optimism index jumped in November to its highest reading since June 2021. The Business Roundtable CEO Economic Outlook Index, which measures company plans for capital investment, hiring and sales, rose to the highest level in more than two years in the fourth quarter. Businesses say inflation is normalizing after a volatile few years of supply-chain disruptions and swings in demand.

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