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

ADDS BIDEN'S COMMENTS

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.

President Joe Biden said inflation is now down nearly two-thirds from its peak.

"Inflation has come down while unemployment has remained below 4 percent for the longest stretch in 50 years, which means that workers’ wages and household wealth are higher now than they were before the pandemic, adjusted for inflation," he said in a statement from the White House.

Biden said consumer prices have declined for a number of products over the last year -- from cars and gasoline to TVs and appliances to eggs and milk.

"Despite this progress, I know many Americans still find too many things unaffordable. That’s why I’m fighting to bring down insulin and prescription drug costs, health insurance premiums, and utility bills. I’m fighting to eliminate the hidden junk fees that can really add up for hardworking Americans. And now that our actions have helped rebuild supply chains and brought down input costs, I’m calling on large corporations to pass along the savings to consumers," he said.