The Marriner S. Eccles Federal Reserve Board Building
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The latest consumer price index report indicates that prices cooled considerably in November, providing relief for households and businesses pressured by the past year's unprecedented high inflation rates.

According to the data released by the Bureau of Labor Statistics on Tuesday, prices increased by 7.1 percent in November compared to last year, the smallest annual increase since Dec. 2021, per The Washington Post. That number is down from October's 7.7 percent. The CPI increased 0.1 percent from October to November, down from 0.4 percent in the previous report. Additionally, last month's core inflation, which excludes food and energy costs, rose 0.2 percent, the smallest increase since August 2021. The new report found that rent costs were the largest contributor to last month's inflation. Rent increased 0.8 percent over October, a slight increase from the previous report.

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Theara Coleman, The Week US

Theara Coleman has worked as a staff writer at The Week since September 2022. She frequently writes about technology, education, literature and general news. She was previously a contributing writer and assistant editor at Honeysuckle Magazine, where she covered racial politics and cannabis industry news.