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Gasoline Prices Lift US Consumer Inflation 0.4 Percent

Gasoline Prices Lift US Consumer Inflation 0.4 Percent

PAUL WISEMAN, AP Economics Writer
December 13, 2017 04:05 PM

WASHINGTON (AP) - Surging gasoline prices pulled U.S. consumer inflation up 0.4 percent in November.

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The Labor Department said Wednesday that prices at the pump increased a sharp 7.3 percent from October. Excluding volatile food and energy prices, so-called core consumer inflation rose a modest 0.1 percent in November.

Over the past year, overall consumer inflation is up 2.2 percent and core inflation is up 1.7 percent.

Inflation pressures have remained subdued even though the U.S. economy is gathering momentum. Economic growth has reached an annual pace of 3 percent or better in each of the last two quarters for the first time since 2014. The unemployment rate is at a 17-year low 4.1 percent.

The Federal Reserve is expected to announce its third interest rate hike of 2017 later in the day.


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PAUL WISEMAN, AP Economics Writer

Copyright 2017 The Associated Press. All rights reserved.

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