US inflation falls by a tenth in November to 3.1%

US inflation falls by a tenth in November to 3.1%

The US CPI rose to 3.1% year-on-year in November, This translates to a moderation of one-tenth since October, as revealed on Tuesday by the country’s Labor Ministry’s Bureau of Labor Statistics.

For its part, the basic index, which excludes food and energy prices from its calculations due to their greater fluctuations, closed the eleventh month of 2023 with an increase of 4%, unchanged from the previous month, and again, Lowest level since September 2021.

For its part, groceries are 2.9% more expensive year-on-year, while energy was 5.4% cheaper in November than it was twelve months ago.

[El PIB de Estados Unidos creció un 1,3% en el tercer trimestre de 2023]

On monthly rates, the overall index variable has advanced by one-tenth since the October stagnation. While the basis rose to 0.3%That is, one tenth more than the previous record.

The Federal Reserve decided on November 1 to pause its cycle of interest rate hikes for the second consecutive time, leaving it in a target range of 5.25% to 5.50%, the highest level since January 2001.

Monetary policy

However, in the press conference that followed the announcement of this decision, Powell acknowledged that although the Fed was committed to achieving a monetary policy stance sufficiently restrictive to reduce inflation to 2% over time, it “They’re still not sure they’ve achieved that position.”

The head of the institute, Al-Masdar, explained: “We are not sure at this stage that we have reached this position. We are not sure that we have done that,” stressing that “given the extent to which we have reached, coupled with the state of uncertainty and doubts.” The risks we face “The committee is acting cautiously”

In terms of GDP, the world’s leading economy grew by 5.2% in the third quarter of 2023 compared to the same period last year. In this way, the United States accelerated its growth compared to the 2.1% expansion during the second half of the year.

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