Despite the overarching slowdown, some consumer categories still saw a jump in inflation for November. Here are some notable year-over-year price changes: -Eggs +49.1% -Airfare +36% -Butter and margarine +34.2% -Public transportation +23.8%
When inflation is low and stable, monthly core inflation is roughly 0.2%, on average, said Andrew Hunter, senior U.S. economist at Capital Economics.
Inflation for groceries, apparel and communication increased from October to November, according to the Bureau of Labor Statistics. Prices fell for energy, used cars and trucks, and airline fares over the month. "Rent inflation is still yet to slow meaningfully, but we know from the private-sector rent data that a sharp slowdown is coming there too," Hunter said.A healthy economy experiences a small degree of inflation each year. U.S. Federal Reserve officials aim to keep inflation around 2% annually.
Americans had more disposable income as the economy reopened, the result of federal funds such as stimulus checks and pent-up demand from staying at home. Meanwhile, Covid-19 lockdowns snarled global supply chains — meaning ample cash ran headlong into fewer goods to buy, driving up prices. and the unemployment rate low, helping fuel competition for workers and therefore fast-rising wages — in turn feeding through to high labor costs to businesses, creating upward pressure on their cost of services.— for crude oil and grain, for example — which has fed into higher costs for gasoline and food. High energy costs have broad ripple effects on other goods, which become more costly to produce and transport.
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