BREAKING NEWS: Inflation Cooled Further in November

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Overall inflation dropped in November, according to the last report of the year, although core inflation ticked up again, indicating that high prices are still weighing on employees.

The yearly rate of inflation dipped to 3.1 percent before seasonal adjustment in November, according to the Consumer Price Index (CPI) from the U.S. Bureau of Labor Statistics (BLS), down from the 3.2-percent unadjusted rate reported in October.

On a monthly basis, the CPI rose 0.1 percent in November, seasonally adjusted, after being unchanged in October.

Inflation has been slowing since it hit a peak of 9.1 percent last summer, but the effects of persistent high costs of living have been continually weighing on workers. As a result of high inflation and economic uncertainty, employee financial wellness hit an all-time low this year, according to a recent Bank of America report. Credit card debt has also hit a new record high.

Real average hourly earnings increased 0.8 percent, seasonally adjusted, from November 2022 to November 2023, the BLS reported separately today. The change in real average hourly earnings combined with a decrease of 0.3 percent in the average workweek resulted in a 0.5-percent increase in real average weekly earnings over this period.