Dropped more than half a percent from October.
The Consumer Price Index released this week shows inflation slowed in November, providing hope that interest rates and prices may slow down. However, the Labor Department shows inflation remains at 40-year highs. Inflation, which was up to 7.7 percent in October, was at 7.1 percent for November.
Though gas prices have gone down, food prices have continued to rise. Economists see the slight decrease in November as a sign that inflation may be turning. Federal Reserve Chair Jerome Powell has indicated the board will slow the pace of interest rate increases as the housing market has struggled due to rising mortgage rates.
As the Lord Leads, Pray with Us…
- For Federal Reserve Chairman Powell to seek God’s direction as he heads the board.
- For Federal Reserve Board members to be wise as they consider further interest rate increases.
- For U.S. labor and economic officials as they provide recommendations to the president.
Sources: Wall Street Journal, The Hill
