The latest inflation report just dropped

The Consumer Price Index (CPI), America’s most widely-used measure of inflation, rose 7.1% in November from the same month a year ago, the Labor Department reported yesterday. That’s down from 7.7% in October.

It's also the index’s lowest figure since last December – and the CPI has now fallen for five straight months, down from a 40-year high of 9.1% in June.

🔢 By the numbers: The decline in this month’s index was mainly driven by price decreases for utility gas services (-3.5%), used vehicles (-2.9%), and medical care (-0.7%).

• On a month-to-month basis, the core index – which excludes often-volatile food and energy prices – rose 0.2%, down from 0.3% last month and 0.6% in both September and August.
• On a yearly basis, core inflation increased 6.1%, just shy of a 40-year high that was set in September (+6.6%).

👀 Looking ahead… The Federal Reserve’s policy-making committee is expected to raise baseline interest rates by 0.5%-0.75% after its two-day meeting concludes this afternoon.