Annual US consumer inflation at 3.1% in November, slowing from 3.2% gain in October

By Ovunc Kutlu

ISTANBUL (AA) - Annual consumer inflation in the US came in at 3.1% in November, slowing from a 3.2% gain in October, according to figures released Tuesday.

The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, came in line with market estimates.

The figure is a sharp decline from last June's 9.1% yearly gain — the largest since November 1981.

"The energy index fell 5.4 percent over the past 12 months. The gasoline index decreased 8.9 percent, the natural gas index declined 10.4 percent, and the fuel oil index fell 24.8 percent over this 12-month span," the Labor Department said in a statement. "In contrast, the index for electricity rose 3.4 percent over the last year."

On a monthly basis, CPI rose 0.1% in November, compared to the previous month, while the market expectation for the figure was to show no change.

In October, CPI remained unchanged from the month before.

"The energy index fell 2.3 percent in November after decreasing 2.5 percent in October. The gasoline index decreased 6.0 percent in November, following a 5.0-percent decrease in the previous month," said the statement.

Core CPI, which excludes volatile food and energy prices, gained 0.3% in November from the previous month, coming in line with market estimates, after rising 0.2% in October.

Annually, core CPI climbed 4% in November, also in line with market expectations, following a 4% year-on-year gain in October.