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US annual core inflation steady in November, ahead of Fed decision

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US annual core inflation steady in November, ahead of Fed decision

U.S. annual core inflation was flat at 2.3% in November compared with the prior month, as the Federal Reserve prepared to take a break from cutting interest rates on Dec. 11.

The consensus estimate of economists polled by Econoday was for an annual core inflation rate of 2.3% in November.

On a monthly basis, the core inflation, which excludes food and energy, came in at 0.2% in November, data from the U.S. Bureau of Labor Statistics showed, matching the Econoday consensus estimate and prior month's reading of 0.2%.

Indexes for shelter, medical care, recreation, used cars and trucks, and apparel rose month over month in November, while those for new vehicles and airline fares fell.

The broader U.S. consumer price index advanced 2.1% year over year in November, higher than the Econoday consensus estimate of 2.0% and October's growth rate of 1.8%. Energy prices declined 0.6% on a yearly basis, while food prices climbed 2.0%.

On a monthly basis, the consumer price index gained 0.3% in November following a 0.4% print in the previous month.

The Federal Reserve, which is due to announce its monetary policy decision later in the day, targets 2% annual inflation.

The data follows higher consumer expectations for future inflation in November, as reported by the Federal Reserve Bank of New York.