The consumer price index rose 0.2 per cent in November and was up 6 per cent from a year earlier, according to a Labour Department.
, indicating the worst of inflation has likely passed and validating an anticipated slowing in the pace of Federal Reserve interest-rate hikes.
US stock futures surged and Treasury yields plummeted following the report. The median estimates in a Bloomberg survey of economists called for 0.3 per cent monthly increases in both the core and overall measures. The Fed concludes its two-day policy meeting on Wednesday and is expected to announce a half-point interest rate increase. While that would be a smaller hike than implemented in the last four meetings, it would put rates at the highest level since 2007.
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