Inflation Cooled Slightly in November but Remains High, Adding Financial Stress
• Inflation report on Tuesday expected to show prices cooled in November, with monthly inflation around 3% vs 3.2% in October
• Gasoline prices dropped steeply in November, but core inflation excluding food and energy still expected around 4.1% annually
• Fed closely watching report for signs inflation subsiding as they try to cool economy with interest rate hikes
• Rate hikes have lifted benchmark rate to highest since 2001, but expected to hold steady at next meeting
• Inflation still creates financial pressure for households, disproportionately impacting low-income Americans