November’s inflation data reported on December 13, 2022, came in below expectations. The basket of goods and services, which are used to broadly track prices, rose 7.1% in the year period ending November.
This latest year-on-year rate change is the lowest since prices first began their rapid ascent in early 2021. Furthermore, it marks the fifth consecutive decline in annualized inflation rate readings since June 2022’s decades-high reading of 9.06%.
In short, this broad index of prices continues to increase through present, but at a slower pace than earlier in 2022 and late 2021. Importantly, this week’s reading should not be understood as a signal of declining prices.
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