The central bank’s rate hikes finally seem to be paying off as inflation eased in November, with the consumer price index (CPI) rising 7.1% year-over-year and 0.1% over the prior month, lower than expected. These figures reflect that inflation has moderated from its 9.1% peak in June this year.
Moody’s chief economist, Mark Zandi, said, “Inflation is still painfully high, but the pain is increasingly less intense.”
