WASHINGTON (Reuters) – The rise in consumer prices in the United States decelerated in November compared to October but it represents the largest year-on-year increase since 1982, official statistics show on Friday.
The Consumer Price Index (CPI) slowed to 0.8% last month after climbing 0.9% in October, the Labor Department said. Over one year, it posted an acceleration of 6.8%, the most important since June 1982, after a gain of 6.2% in October.
Economists polled by Reuters were forecasting an average increase of 0.7% month-on-month and an increase of 6.8% year-on-year.
The CPI index, excluding energy and food products, known as basic inflation (“core CPI”), slowed to 0.5% over one month after rising 0.6% in October.
Over one year, the increase stands at 4.9% after a gain of 4.6% in October.
Economists polled by Reuters predicted an increase of 0.5% over one month for the “core” CPI index and 4.9% year-on-year.
In financial markets, Wall Street index futures increased their gains after the statistic was released broadly in line with expectations, which could ease pressure on the Federal Reserve to step up monetary tightening.
Futures were up 0.5% for the Dow Jones, 0.62% for the S & P-500 and 0.58% for the Nasdaq, against gains of 0.27%, 0.36% and 0.26% before the release of inflation figures.
(Report Lucia Mutikani; with Shreyashi Sanyal in Bangalore, French version Claude Chendjou, edited by Sophie Louet and Blandine Hénault)
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