November CPI Report Confirms 2.7% Inflation Rise

The annual inflation rate in November rose to 2.7%, driven largely by shelter costs, according to the Bureau of Labor Statistics. Core CPI remained steady at 3.3%. The figures align with expectations and increase the likelihood of the Federal Reserve cutting its benchmark interest rate by a quarter percentage point at its upcoming meeting. Despite inflation being below its mid-2022 peak, it still exceeds the Fed's 2% target, prompting discussions on the pace of future rate cuts.