November consumer prices stay flat in US
Source: Agencies |
December 17, 2011, Saturday
|
Print Edition
Print Edition
CONSUMER prices in the United States stayed flat in November, further evidence that inflation has cooled off.
Energy costs dropped for the second straight month, which offset higher prices that Americans paid for food, clothes and medical services.
Milder inflation offers some relief to consumers, who were hit earlier this year with a surge in gas and food prices. It also gives the Federal Reserve leeway to act further to boost the US economy without fanning inflation.
"This is more good news for the consumer," said Jim Baird, chief investment strategist at Plante Moran Financial Advisors. "The pace of inflation has clearly moderated in recent months."
The Consumer Price Index was unchanged in November, the US Labor Department said yesterday. That followed a 0.1 percent decrease in October.
Excluding volatile food and energy costs, so-called "core" prices rose 0.2 percent.
In the 12 months ending in November, prices rose 3.4 percent, below October's 3.5 percent pace and the smallest year-on-year rise since April.
Core prices have risen 2.2 percent in the past 12 months, the most in more than three years. More expensive clothing and higher prices for rent have driven the core index up in that time.
Clothing prices have increased at the fastest pace in 20 years over the past 12 months, partly because of higher cotton costs. Clothing costs jumped 0.6 percent last month, the seventh increase in eight months. In the past 12 months, clothing prices have risen 4.8 percent.
Rental costs rose 0.2 percent last month, and 2.4 percent in the past year. That reflects greater demand for apartments and rental properties, as the housing market struggles.
Still, many economists said inflation probably has peaked and is likely to decline next year.
Energy costs dropped for the second straight month, which offset higher prices that Americans paid for food, clothes and medical services.
Milder inflation offers some relief to consumers, who were hit earlier this year with a surge in gas and food prices. It also gives the Federal Reserve leeway to act further to boost the US economy without fanning inflation.
"This is more good news for the consumer," said Jim Baird, chief investment strategist at Plante Moran Financial Advisors. "The pace of inflation has clearly moderated in recent months."
The Consumer Price Index was unchanged in November, the US Labor Department said yesterday. That followed a 0.1 percent decrease in October.
Excluding volatile food and energy costs, so-called "core" prices rose 0.2 percent.
In the 12 months ending in November, prices rose 3.4 percent, below October's 3.5 percent pace and the smallest year-on-year rise since April.
Core prices have risen 2.2 percent in the past 12 months, the most in more than three years. More expensive clothing and higher prices for rent have driven the core index up in that time.
Clothing prices have increased at the fastest pace in 20 years over the past 12 months, partly because of higher cotton costs. Clothing costs jumped 0.6 percent last month, the seventh increase in eight months. In the past 12 months, clothing prices have risen 4.8 percent.
Rental costs rose 0.2 percent last month, and 2.4 percent in the past year. That reflects greater demand for apartments and rental properties, as the housing market struggles.
Still, many economists said inflation probably has peaked and is likely to decline next year.
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