Inflation slowed more than expected in November, CPI report reveals

The Consumer Price Index, a measure of what consumers pay for goods and services, rose 7.1 percent year over year; the report showed a dramatic drop from the October mark of 7.7 percent.

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The CPI increased 0.1 percent from the prior month, compared with 0.4 percent in October. The energy index decreased 1.6 percent over the month, according to a Dec. 13 U.S Bureau of Labour Statistics news release.

The better-than-expected report comes as the Federal Reserve meets this week and deliberates whether to pull back on its hawkish inflation strategy. 

Read the full report here.

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