US inflation index slows sharply in Nov

22nd December, 2018 09:49:10 printer

WASHINGTON: The most-closely watched measure of US inflation slowed sharply in November, even as wages and spending increased, albeit by less than expected, according to government data released Friday.

The personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, was 1.8 percent higher than in November 2017, back below the Fed's 2.0 percent target, the Commerce Department reported, reports AFP.

The slowdown in November was largely due to a drop in energy prices, but even excluding the volatile food and fuel categories, the index slowed to 1.9 percent year-over-year.