Inflation continues to moderate thanks to a big drop in gas prices

https://www.npr.org/2023/12/12/ [login to see] /economy-inflation-consumer-prices-interest-rates-federal-reserve-recession
Falling gasoline prices helped keep a lid on inflation last month.

Consumer prices rose 3.1% in November from a year ago, according to data from the Labor Department on Tuesday. Price hikes have moderated significantly after hitting a four-decade high last year.

A big reason for that is cooling gas prices, which dropped by 6% last month, helping to offset the rising cost of rent, medical care, and car insurance.

Overall prices rose just 0.1% between October and November. Grocery inflation also moderated, as food prices rose more slowly in November than the month before.

The inflation scorecard comes just as the Federal Reserve begins its last policy meeting of the year.