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Inflation Update: US CPI Rises in November, Setting Stage for Critical Fed Decision

US consumer prices edged up in Nov: Core CPI rose 0.3% MoM, headline CPI 0.1%. Annual rates stand at 4.0% (core) & 3.1% (headline). Slightly worse than expected, adding tension ahead of tomorrow's Fed meeting.

Key drivers: higher rents, medical care, and vehicle insurance costs, with used-car prices up for the first time since May. Meanwhile, apparel and furniture prices dropped. Shelter costs, a major CPI component, increased 0.4%, balancing out falling gas prices. Eyes on the Fed tomorrow, as 2024 forecasts hang in the balance.


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