Consumer prices didn’t increase as much as analysts predicted for November.
WASHINGTON — The Consumer Price Index for November 2022 rose 0.1%, after increasing 0.4% in October, according to the Bureau of Labor Statistics. Overall, the all-items index measured a gain of 7.1% over the past 12 months, an indicator that although inflation is slowing, it’s still an issue for cautious consumers who are trading down in their purchasing decisions.
The figures were better than economists’ expectations of 7.3% year to year and 0.3% from October.
This was the slowest annual inflation rate increase since December 2021, a sign that the Federal Reserve’s rate increases may be working to tamp down inflationary pressure in the economy.
The largest increases were in food and shelter costs. The food index increased 0.5% over the month with the food at home index also rising 0.5%. The shelter index increased 0.6% from October and 6.1% year-to-year. The energy index decreased 1.6% over the month as the gasoline index, the natural gas index and the electricity index all declined.
Overall furniture and bedding prices rose 6.8% from a year ago but were down 0.8% from October. Specifically, the prices of living room, kitchen and dining room furniture were up 10.3% from a year ago but down 0.3% from October.
Jean Marie Layton is senior editor for upholstery at Furniture Today. A design and furniture aficionado, she has worked as a writer/editor in industry and non-profits, in academic administration and in retail furniture sales. She pursued a master’s degree in the history of design at Parsons/Cooper-Hewitt and has a BA in history from Mount Holyoke College and an MA in liberal arts from Stanford University. Reach out to Jean Marie with your story ideas, tips and more at [email protected]