WASHINGTON, Dec. 16 (UPI) — The Consumer Price Index for core prices rose 2.2 percent in November on an annual basis, one tick higher than October and within range of a federal target.
Core prices, which exclude food and energy items, rose 2.1 percent on a 12-month basis. The U.S. Federal Reserve’s target is for 2 percent inflation on an annual basis.
For the second consecutive month, energy prices fell, which offset the index for food, which had prices rise 4.6 percent on an annual basis and 0.1 percent compared with October.
Energy prices dropped 1.6 percent from October, when they were down 2 percent from the previous month.
Consumer prices for all items were up 3.4 percent from October on an unadjusted 12-month basis, a drop from October’s 3.5 percent annual inflation rate for all items.