Consumer prices in the U.S. increased in line with economist estimates in the month of November, according to a report released by the Labor Department on Wednesday.
The Labor Department said its consumer price index rose by 0.4 percent in November after inching up by 0.1 percent in October.
The increase in consumer prices was primarily due to a jump in energy prices, which surged up by 3.9 percent in November after dropping by 1.0 percent in the previous month.
Gasoline prices spiked by 7.3 percent, while prices for electricity and natural gas rose by 0.5 percent and 0.6 percent, respectively.
Excluding food and energy prices, core consumer prices ticked up by 0.1 percent in November after rising by 0.2 percent in the previous month. Core prices had been expected to rise by 0.2 percent.
The uptick in core consumer prices reflected a continue increase in shelter prices as well as higher prices for motor vehicle insurance, used cars and trucks, and new vehicles.
On the other hand, the Labor Department said the indexes for apparel, airline fares, and household furnishings and operations all declined in November.
Compared to the same month a year ago, consumer prices were up by 2.2 percent and core consumer prices were up by 1.7 percent.
The Labor Department released a separate report on Tuesday showing a slightly bigger than expected increase in producer prices in the month of November.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in November, matching the increases seen in the two previous months. Economists had expected prices to rise by 0.3 percent.
Excluding food and energy prices, the core producer price index rose by 0.3 percent in November after climbing by 0.4 percent in October. Core prices had been expected to edge up by 0.2 percent.
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