US consumer prices fall in November

PLUNGING fuel costs caused US consumer prices to drop in November, muting inflation across the entire economy.

THE US Labour Department says the inflation reading fell 0.3 per cent last month, after prices were flat in October. Petrol costs plummeted 10.5 per cent in November, the steepest decline in nearly six years.

Core inflation, which excludes volatile energy and food prices, rose 0.1 per cent in November. For the past 12 months, overall inflation has risen 1.3 per cent while core inflation has increased 1.7 per cent.Both annual gains are well below the Federal Reserve's 2 per cent inflation target. This gives Fed officials who end their policy meeting on Wednesday afternoon significant leeway to keep a key interest rate at near zero, which helps infuse the economy with capital to boost economic growth and hiring.

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