by Alexandra Canal
Yahoo! Finance
November’s Consumer Price Index (CPI) will serve as the latest test of whether an inflation resurgence is a risk to the US economy as the Federal Reserve debates its final interest rate decision of the year after cutting rates by 75 basis points so far in 2024.
The report, set for release at 8:30 a.m. ET on Wednesday, is expected to show headline inflation of 2.7%, a slight uptick from October’s 2.6% annual gain in prices. Consumer prices are expected to have risen 0.3% over the prior month, also ahead of the 0.2% monthly increase seen in October.
On a “core” basis, which strips out the more volatile costs of food and gas, prices in November are expected to have risen 3.3% over last year for the fourth consecutive month. Economists expect monthly core price increases to also match the prior month’s reading of 0.3%, according to Bloomberg data.