The rate of increase in the consumer price index fell to 7.1 per cent last month.
| US inflation data offered the strongest evidence yet that price pressures have peaked, cheering financial markets and putting a pause from the Federal Reserve’s interest-rate hikes in view.
Assuming further moderation in inflation ahead, the November report provided “more confidence that the Fed may only need to tap the brakes lightly in the new year to cap this tightening cycle,” Sal Guatieri, senior economist at BMO Capital Markets, said in a note. “If so, it will go some ways to increasing the odds of a soft landing.”The half point move for this week was well-telegraphed before the CPI report. Traders are now leaning toward an even smaller 0.
Once that happens, “then I think we can more convincingly say that the darkest age for inflation is behind us,” Mr Guatieri said in an interview. The Fed may be concerned by resurgent wages, which increased 0.5 per cent in November from a month earlier but were still down 1.9 per cent from a year ago, according to a separate report. Policymakers have emphasised the importance of the labour market, and earnings in particular, in determining the trajectory of inflation.
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