US Inflation Drops Sharply in Positive Sign for Consumers and Economy
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US consumer prices fell 0.1% in November, the largest monthly drop since April 2020, pushing annual inflation down to 2.6%.
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Core inflation rose 0.1% monthly and 3.2% annually, showing more progress against inflation than expected.
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The data suggests the economic expansion remains durable thanks to a resilient job market.
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Lower inflation clears the way for Fed rate cuts in 2024, which could lower rates on mortgages, credit cards, etc.
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Fed Chair Jerome Powell "couldn't have asked for a better present this year," as inflation moves towards the Fed's 2% target.