Inflation declined slightly last month on the back of weaker prices at the gasoline pump and a broader easing of price pressures throughout the U.S. economy, experts said.
The consumer price index in November increased 3.1% from 12 months earlier, down from 3.2% in October, the U.S. Bureau of Labor Statistics said Tuesday.
“There is still a lot of disinflationary pressure in the system,” which will likely drive inflation even lower heading into 2024, said Sarah House, senior economist at Wells Fargo Economics.
