This week’s inflation data released by the U.S. Bureau of Labor Statistics shows that electricity prices continue to climb despite decreases in commodity prices over the last 12 months.
The monthly electricity price index rose by 1.4% compared to 0.1% for the CPI, while the 12-month price of electricity increased by 3.4% compared to 3.1% for the CPI. Energy commodity prices fell once again with a monthly decline of 5.8%, contributing to a 9.8% drop on a 12-month basis. Inflation may be coming down across the economy, but it remains high for electricity.
- The consumer price index rose 3.1% in November from 12 months earlier, down from 3.2% in October, the U.S. Bureau of Labor Statistics said.
- Inflation is gradually moderating. Lower gasoline prices were the biggest downward force in November, economists said.
- Housing costs have been stubbornly high but should soon pull back.
- Inflation declined slightly last month on the back of weaker prices at the gasoline pump and a broader easing of price pressures throughout the U.S. economy, experts said.The consumer price index in November increased 3.1% from 12 months earlier, down from 3.2% in October, the U.S. Bureau of Labor Statistics said Tuesday.