Prices increased 7.1% annually in November 2022, down from the consensus estimate of 7.3%. The markets rejoiced at the better-than-expected inflation data. Ryan Sweet, the chief U.S. economist at Oxford Economics, said, “I think we’re finally getting some indication that we’re getting relief on the inflation front.”
Moreover, inflation is projected to plummet further in the coming months. According to the central bank’s Survey of Consumer Expectations, participants expect one-year inflation to run at a 5.2% pace, down 0.70 percentage points from the October reading.
