Last month, prices increased quicker than they have in recent months, as the Consumer Price Index rose by 2.7% in the 12 months through November.
According to the Department of Labor, the core measurement, which excludes volatile industries like food and energy, rose by 3.3% in November.
While data shows inflation rose, the numbers are still very similar to the 12 months ending in October, when inflation increased by 2.6%. When it comes to core CPI, the figure has held firm at 3.3%.
Looking at the numbers month to month, CPI rose 0.3% in November after rising by 0.2% for three straight months. Core CPI also rose 0.3% for the fourth straight month.
The housing market continues to be a major factor in inflation, as the Labor Department shared that the shelter index, which rose 0.3% in November, accounted for almost 40% of the increase in overall inflation last month.
Rents rose by 0.2%, and the measurement used as the equivalent of rent, but for homeowners, rose by a similar amount.
While they still continue to have a major impact on overall inflation, the Labor Department has noted that these are the smallest increases since 2021, a positive note for Americans struggling to make ends meet.
During a conference hosted by the New York Times last week, Federal Reserve chair Jerome Powell discussed the state of the economy, which has outpaced expectations.
“Growth is definitely stronger than we thought, and inflation is coming a little higher,” Powell said.
Since September, the Federal Reserve has cut its key interest rates by a combined 0.75 percentage points.
The other categories the Labor Department noted that saw faster price gains last month included hotels, which jumped 3.2%; transportation, which increased 7.1%; and medical care services, which jumped 3.7%.