Consumer prices rose 3.1 percent over the past year as annual inflation continued to decline, according to data released Tuesday by the Labor Department.

The Labor Department’s consumer price index (CPI) fell from an annual inflation rate of 3.2 percent in October after prices rose just 0.1 percent last month.

Economists expected the annual inflation rate to fall to 3.1 percent after another month of prices holding steady.

The new inflation data comes as Federal Reserve officials meet for the final time this year and mull whether to hike, cut or maintain their current baseline interest rates.

The Fed is expected to keep rates unchanged Wednesday at the conclusion of the two-day meeting after a year of remarkable progress in its inflation fight.

The annual inflation rate has fallen 6.4 percent in January and 9.1 percent last June without the economy falling into a widely feared recession. Just 3.7 percent of American workers were unemployed in November, according to Labor Department data.

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Inflation falls to 3.1 percent as Fed holds crucial meeting

44 17
12.12.2023

Consumer prices rose 3.1 percent over the past year as annual inflation continued to decline, according to data released Tuesday by the Labor Department.

The Labor Department’s consumer price index (CPI) fell from an annual inflation rate of 3.2 percent in........

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