Inflation Rate Slowed Down From October To November

The inflation rate slowed down significantly from October to November, according to data released by the U.S. Bureau of Labor Statistics on Tuesday (December 13) via NBC News.

The consumer price growth from November 2021 to November 2022 was reported to hit 7.1%, which was the smallest 12-month increase since December 2021 (7.0%) and lower than the 7.3% predicted by economic analysts.

The inflation rate was previously reported to be a 7.7% growth from October 2021 to October 2022. Additionally, inflation increased just 0.1% in November on a monthly basis, which was lower than the 0.4% reported in October.

Economists credited the new data as being a sign that the Federal Reserve's aggressive rate-raising campaign was beginning to show positive signs in its ongoing effort to combat the rising inflation rate.

Gas prices were also reported to have settled significantly compared to one year ago, with the national average reported to be $3.24, while states in the Southern and Plains regions have already fallen below a $3 average, according to AAA via NBC News.

Prices of durable goods -- which include electronics, home appliances and clothing, have also reportedly started to moderate amid supplies far exceeding demands for products, according to the data released on Tuesday.

Americans have, however, have averaged less earnings, with the median weekly take-home pay for all workers falling to $361 in the most recent quarter, which was less than the $362 reported in the fourth quarter of 2019, the last end-of-the-year quarter before the COVID-19 pandemic.