Analysts said that the speed of the decline in inflation in the United States is “remarkable”, after numbers favored by the US Federal Reserve strengthened the justification for a sharp cut in interest rates next year.
New figures from the Bureau of Economic Analysis showed that the core personal consumption expenditures index, a measure of core inflation, slowed to an annualized 3.2 percent last month, down from a revised 3.4 percent in October.
The decline in November was faster than Wall Street analysts expected, fueling expectations that the Fed will deliver a round of cuts in US borrowing costs in 2024.
On a monthly basis, the personal consumption expenditures index, which the Federal Reserve views as a more accurate measure of domestic price growth in the world’s largest economy, rose.