The
Labor Department reported on Friday the U.S. consumer price index (CPI) climbed
0.8 percent m-o-m in November, following an unrevised 0.9 percent
m-o-m jump in the
previous month.
Over
the last 12 months, the CPI surged 6.8 percent y-o-y, accelerating from +6.2
percent y-o-y reported for the period ending in October. This represented the
largest 12-month increase since June 1982.
Economists
had forecast the CPI to rise 0.7 percent m-o-m and 6.8 percent y-o-y in the
12-month period.
According
to the report, the m-o-m advance in all items index in November was broad-based,
similar to the previous month, and the larger contributions to the gain were made the indexes for gasoline (+6.1 percent m-o-m), shelter (+0.5 percent m-o-m),
food (+0.7 percent m-o-m), used cars and trucks (+2.5 percent m-o-m), and new
vehicles (+1.1 percent m-o-m).
Meanwhile,
the core CPI excluding volatile food and fuel costs went up 0.5 percent m-o-m
in November after an unrevised 0.6 percent m-o-m increase in the previous month.
In
the 12 months through November, the core CPI surged 4.9 percent, compared to an unrevised 4.6 percent climb for
the 12 months ending October. This was the largest 12-month gain since June
1991.
Economists
had forecast the core CPI to increase 0.5 percent m-o-m and 4.9 percent y-o-y
last month.