Consumer prices in the U.S. inched up in line with economist estimates in the month of November, according to a highly anticipated report released by the Labor Department on Tuesday.
The Labor Department said its consumer price index crept up by 0.1 percent in November after coming in unchanged in October. The uptick matched expectations.
The modest increase in consumer prices partly reflected a continued advanced by shelter prices, which climbed by 0.4 percent in November after rising by 0.3 percent in October.
The index for rent and the index for owners’ equivalent rent both increased by 0.5 percent during the month, while the lodging away from home index slid by 0.9 percent.
Meanwhile, an extended slump in energy prices helped limit the upside for consumer prices, with energy prices tumbling by 2.3 percent in November after plunging by 2.5 percent in October.
Prices for gasoline continued to lead the way lower, showing a 5.8 percent nosedive in November after plummeting by 4.7 percent in October.
Excluding the steep drop in energy prices as well as an uptick in food prices, core consumer prices rose by 0.3 percent in November after edging up by 0.2 percent in October. The increase in core prices came in line with estimates.
The core consumer price growth reflected the advance by shelter prices along with higher prices for used cars and trucks, medical care and motor vehicle insurance.
Prices for apparel, household furnishings and operations, communication and recreation were among those that decreased over the month.
The report also said the annual rate of consumer price growth slipped to 3.1 percent in November from 3.2 percent in October, while the annual rate of core consumer price growth was unchanged at 4.0 percent. The yearly growth matched economist estimates.
On Wednesday, the Labor Department is scheduled to release a separate report on producer price inflation in the month of November.
Economists currently expected producer prices to inch up by 0.1 percent in November after falling by 0.5 percent in October. The annual rate of producer price growth is expected to slow to 1.0 percent from 1.3 percent.
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