Consumer prices in the U.S. came in unchanged in the month of November, according to a report released by the Labor Department on Tuesday, with a steep drop in energy prices offsetting increases in prices for shelter and airline fares.
The Labor Department said its consumer price index was unchanged in November after edging down by 0.1 percent in October. The flat reading for the index came in line with economist estimates.
The report showed another notable decrease in energy prices, which fell by 1.0 percent in November after tumbling by 1.7 percent in the previous month.
Significant decreases in prices for gasoline and natural gas more than offset higher prices for electricity and fuel oil.
Meanwhile, food prices edged up by 0.1 percent for the second consecutive month, as prices for food at home were unchanged but prices for food away from home rose by 0.3 percent.
The Labor Department said its core consumer price index, which excludes food and energy prices, rose by 0.2 percent in November after ticking up by 0.1 percent for three straight months. Economists had expected core prices to inch up by another 0.1 percent.
The modest uptick by core prices reflected a 0.3 percent increase by the shelter index as well as a 2.6 percent jump in prices for airline fares.
Compared to the same month a year ago, consumer prices were up by 1.2 percent in November, reflecting an acceleration from the 1.0 percent rate of growth seen in October.
Core consumer prices increased at an annual rate of 1.7 percent in November, unchanged from the previous month and below the Federal Reserve's 2 percent inflation target.
Rob Carnell, chief international economist at ING, said, "U.S. inflation has risen but remains low enough for the Fed to use it as an excuse not to start the taper tomorrow."
Last Friday, the Labor Department released a separate report showing a modest decrease in producer prices in the month of November.
The Labor Department said its producer price index edged down by 0.1 percent in November following a 0.2 percent drop in October. The modest decrease matched economist estimates.
Excluding food and energy prices, the core producer price index inched up by 0.1 percent in November after rising by 0.2 percent in October. The uptick in core prices also matched expectations.
Producer prices increased at an annual rate of 0.7 percent in November compared to the 0.3 percent growth seen in October, while core producer prices were up by 1.3 percent year-over-year.
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