US consumer prices unexpectedly rose in November as a decline in the cost of petrol was more than offset by increases in rents, further evidence that the Federal Reserve (Fed) is unlikely to pivot to interest rate cuts early next year. The report from the Labor Department on Tuesday (Dec 12) also showed prices for used cars and trucks rebounded last month after five straight monthly decreases, helping to boost underlying inflation.
US consumers also paid more for healthcare and motor vehicle insurance. The slightly firmer inflation readings followed data last Friday showing job gains accelerated in November and the unemployment rate fell to 3.7% from nearly a two-year high of 3.9% in October. Officials from the US central bank began a two-day policy meeting on Tuesda