U.S. CPI Inflation Trended Lower in November, Rising 3.1% From a Year Ago

The core rate of CPI inflation was higher by 4% year-over-year, in line with forecasts.

AccessTimeIconDec 12, 2023 at 1:41 p.m. UTC
Updated Mar 8, 2024 at 6:33 p.m. UTC
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The Consumer Price Index (CPI) for November met economist forecasts, with headline inflation slipping to 3.1% versus 3.2% a month earlier.

Monthly headline CPI was higher by 0.1%, in line with expectations and up from 0.0% in October. The core CPI – which strips out volatile food and energy items – rose 0.3% on a monthly basis versus 0.3% expected and 0.2% in October. Annual core CPI was higher by 4% versus forecasts for 4% and 4% in October.

The price of bitcoin (BTC) was little changed in the minutes following the report, remaining modestly higher for the session at $41,900.

Today's inflation data is not likely to swing market participant positioning that the U.S. Federal Reserve will almost assuredly remain on hold iat its next two policy meetings, keeping its benchmark fed funds rate at the 5.25%-5.5% range.

U.S. stock index futures rose modestly following the data, with the S&P 500 higher by 0.25%. The 10-year Treasury yield down one basis point at 4.22%.

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Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.


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