Federal Reserve’s favored inflation gauge tumbles in November as price pressures continue to ease

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — The Federal Reserve’s preferred measure of inflation fell last month in another sign that price pressures easing in the face of the central bank’s interest rate hikes. Friday’s report from the Commerce Department showed that U.S. consumer prices slid 0.1% last month from October and were up 2.6% from November 2022. Excluding volatile food and energy prices, so-called core inflation last month was up 0.1% from October and 3.2% from a year earlier. All the numbers showed somewhat more progress against inflation than economists had expected.