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Inflation is slowing, but still high. What you need to know

By CORA LEWIS - Dec 13, 2022, 11:18 AM ET
Last Updated - Aug 05, 2024, 12:59 AM EDT
Inflation_data
Consumer inflation slowed to 7.1% in November from a year earlier and to 0.1% from October,

After reaching 40-year highs over the summer, price increases in the U.S. are now steadily easing

NEW YORK (AP) — After reaching 40-year highs over the summer, price increases in the U.S. are now steadily easing. 

Consumer inflation slowed to 7.1% in November from a year earlier and to 0.1% from October, the government said Tuesday. Stripping out volatile food and energy prices, so-called core inflation rose 6% over the past 12 months and 0.2% from October. 

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Though inflation is slowing, prices remain steep, especially for food and many services. 

Here's what you need to know: 

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