Gasoline prices lift US consumer inflation 0.4 per cent
Posted December 13, 2017 5:38 am.
Last Updated December 13, 2017 6:21 am.
This article is more than 5 years old.
WASHINGTON – Surging gasoline prices pulled U.S. consumer inflation up 0.4 per cent in November.
The Labor Department said Wednesday that prices at the pump increased a sharp 7.3 per cent from October. Excluding volatile food and energy prices, so-called core consumer inflation rose a modest 0.1 per cent in November.
Over the past year, overall consumer inflation is up 2.2 per cent and core inflation is up 1.7 per cent.
Inflation pressures have remained subdued even though the U.S. economy is gathering momentum. Economic growth has reached an annual pace of 3 per cent or better in each of the last two quarters for the first time since 2014. The unemployment rate is at a 17-year low 4.1 per cent.
The Federal Reserve is expected to announce its third interest rate hike of 2017 later in the day.
