Inflation is cooling, data shows

Lower energy prices are helping to quiet consumer inflation, but higher costs for food and shelter persisted in November, new data shows. 

The all-items Consumer Price Index for November was up 7.1% over the same time a year ago, the Bureau of Labor Statistics reports.

The increase of 7.1% for the 12 months ending November was the smallest 12-month increase since the period ending December 2021, according to a news release.

The report said the cost of housing was by far the largest contributor to the monthly all-items increase, more than offsetting decreases in energy indexes. The food index increased 0.5% over the month with the food at home index also rising 0.5%, the report said. The energy index decreased 1.6% compared with the previous month as the gasoline index, the natural gas index and the electricity index all declined, the report said.

The index for fruits and vegetables increased by 1.4% in November, after falling 0.9% in October, according to the report. The inflation rate for fruits and vegetables in November was running at 9.7% above a year ago, compared with 6.8% for meats and poultry and 16.4% for dairy.

All grocery food prices were running 12% ahead of last November, the report said. Inflation for restaurant food was 8.5% compared with a year ago, the report indicated, with full-service meals up 9% and limited-service meals up 6.7% compared with November 2021.