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moved up for a second month in a row, rising one tenth of a percentage point to 2.7% for the year ending in November, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index.from President Joe Biden. It suggests that the price pressures that afflicted the country throughout Biden’s tenure have not yet fully abated.Inflation was the biggest concern on the campaign trail and a major factor in Trump besting Vice President Kamala Harris last week.
Officials at the Federal Reserve are watching the inflation numbers closely to determine whether to further lower interest rates to spur more economic activity, or to forego further rate cuts to try to tamp down inflation. The Fed met shortly after the election and decided to lower its interest rate target by a quarter of a percentage point. The Fed’s goal is 2% annual inflation.
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