(Bloomberg) -- US consumer prices continued to rise in November at a pace that is fueling concerns the progress toward taming inflation is stalling.
The so-called core consumer price index — which excludes food and energy costs — increased 0.3% for a fourth straight month, Bureau of Labor Statistics figures showed Wednesday. From a year ago, it rose 3.3%.
Traders continued to bet on a Federal Reserve interest-rate cut next week after the figures came in largely as expected.
Economists see the core gauge as a better indicator of the underlying inflation trend than the overall CPI that includes often-volatile food and energy costs. The headline measure rose 0.3% from the prior month and 2.7% from a year before. Shelter costs accounted for nearly 40% of the overall advance.
While price pressures have subsided from a peak seen during the pandemic recovery, progress has leveled off more recently. That, along with receding concerns over the labor market, helps explain why several US central bankers have argued for a more gradual pace of interest-rate cuts.
The CPI report showed costs of goods excluding food and energy climbed 0.3%, the most since May 2023 and fueled by higher prices for new and used vehicles as well as apparel. Grocery prices jumped 0.5%, the biggest advance since the start of last year.
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