URGANT: US CPI-U up 0.3% in Nov.

US Consumer Price Index (CPI) for November 2024 increased 0.3 per cent, following a 0.2 per cent rise in each of the previous four months, according to the US Bureau of Labour Statistics on Wednesday. Over the past 12 months, the all-items index increased 2.7 per cent.

Key contributors to the monthly increase included a 0.3 per cent rise in shelter, which accounted for nearly 40 per cent of the total increase. The food index also rose by 0.4 per cent, driven by a 0.5 per cent increase in food at home and a 0.3 per cent rise in food away from home. Energy prices rose 0.2 per cent after remaining flat in October.

Excluding food and energy, the index rose 0.3 per cent, consistent with the previous three months. Notable increases were observed in used cars and trucks, medical care, household furnishings, and new vehicles. The communication index fell by 1.0 per cent.

Over the past year, the food index increased 2.4 per cent, with food away from home rising 3.6 per cent. Energy prices, however, declined by 3.2 per cent, driven by an 8.1 per cent drop in gasoline prices.

Shelter costs rose 4.7 per cent over the last 12 months, marking the smallest increase since February 2022. Other notable increases included motor vehicle insurance (12.7 per cent) and medical care (3.1 per cent).

Attribution: Consumer Price Index November 2024

Subediting: Y.Yasser