clearn.png
Wednesday July 17th, 2019 5:10AM

Gasoline prices lift US consumer inflation 0.4 percent

By The Associated Press
Related Articles
  Contact Editor

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

The Labor Department said Wednesday that prices at the pump increased a sharp 7.3 percent after falling in 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 clocked in at 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. But the tight job market has yet to generate significant wage growth, which would push inflation higher. Many businesses still fear losing customers if they raise prices.

Even though hiring has risen steadily, wage gains have been modest.

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

Food prices were flat in November. Housing prices rose 0.2 percent. Air fares fell 2.4 percent. Apparel prices fell 1.3 percent, biggest drop since September 1998.

  • Associated Categories: Local/State News, Associated Press (AP), AP Business, AP Business - Economy
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Global stocks steady ahead of expected Fed rate hike
Global stocks are mixed after Wall Street gained ahead of a likely U.S. interest rate hike
9:00AM ( 13 minutes ago )
The Latest: Muslim nations reject Trump, back Palestinians
Muslim nations are rejecting President Donald Trump's declaration of Jerusalem as the capital of Israel, and appear set to counter it with a declaration of east Jerusalem as the capital of a future Palestinian state
8:55AM ( 18 minutes ago )
EU negotiator says 'no turning back' on commitments
European Union chief Brexit negotiator Michel Barnier says there will be "no turning back" for Britain on commitments made during an initial divorce deal between the two, after his U.K. counterpart insisted it was merely a "statement of intent."
8:46AM ( 27 minutes ago )
Associated Press (AP)
Apple plows $390M into Finisar facial recognition, 500+ jobs
Apple says it's investing $390 million in Finisar, which makes lasers used in facial recognition. The funds will help to create more than 500 jobs.
8:20AM ( 53 minutes ago )
EU agrees to catch more fish sustainably in 2018
European Union nations have agreed to set quota levels that ensure more sustainable fishing in the Northeastern Atlantic and the North Sea, but environmentalists insist the bloc is behind in its schedule to end overfishing by 2020
8:19AM ( 55 minutes ago )
Greek court backs extraditing Russian bitcoin suspect to US
Greece's Supreme Court has ruled in favor of a request to extradite Russian cybercrime suspect Alexander Vinnik to the United States to stand trial for allegedly laundering billions of dollars using the virtual currency bitcoin
7:55AM ( 1 hour ago )
AP Business
The Latest: Investors cautious ahead of Fed announcement
World stock markets are subdued ahead of an expected interest rate increase from the Federal Reserve
4:50AM ( 4 hours ago )
Global stocks mixed ahead of likely US rate hike
Global stocks are mixed after Wall Street gained ahead of a likely U.S. interest rate hike
3:54AM ( 5 hours ago )
3 things to watch for from the Federal Reserve on Wednesday
3 things to watch for from the Fed in its statement, updated forecasts and Yellen news conference
3:19AM ( 5 hours ago )
AP Business - Economy
Global stocks steady ahead of expected Fed rate hike
Global stocks are mixed after Wall Street gained ahead of a likely U.S. interest rate hike
9:00AM ( 14 minutes ago )
The Latest: Muslim nations reject Trump, back Palestinians
Muslim nations are rejecting President Donald Trump's declaration of Jerusalem as the capital of Israel, and appear set to counter it with a declaration of east Jerusalem as the capital of a future Palestinian state
8:55AM ( 18 minutes ago )
EU negotiator says 'no turning back' on commitments
European Union chief Brexit negotiator Michel Barnier says there will be "no turning back" for Britain on commitments made during an initial divorce deal between the two, after his U.K. counterpart insisted it was merely a "statement of intent."
8:46AM ( 27 minutes ago )
New Czech government led by billionaire Babis sworn in
Czech President Milos Zeman has sworn in a new minority government led by a populist after his centrist movement won landslide parliamentary elections
8:44AM ( 29 minutes ago )
Things to know about Alabama's new US senator, Doug Jones
Things to know about Doug Jones, a Democrat who won a special election against Republican Roy Moore to become Alabama's next U.S. senator
8:34AM ( 39 minutes ago )