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The Consumer Price Index rose 3.1% year over year in November, a slight dip from the 3.2% rate in October, the US Bureau of Labor Statistics reported on Tuesday. Month over month inflation rose 0.1% in November after remaining flat in October.
While prices remain inflated, they’re notably down from the peak monthly rise of 9.1% in June 2022. In a statement on Tuesday, President Biden said the report “demonstrates continued progress” in reducing inflation, though “many Americans still find too many things unaffordable.”
“And now that our actions have helped rebuild supply chains and brought down input costs, I’m calling on large corporations to pass along the savings to consumers,” he said.
Food prices rose 0.2% in November, a slight cooldown from the 0.3% increase in October. Food at home inflation saw just a 0.1% rise from November, up 1.7% year over year, while food away from home saw a larger bump, at 0.4% month over month and 5.3% since last year.
Four of the six top grocery store food group indexes saw month over month increases, while all rose over the last 12 months. Cereals and bakery products, fruit and vegetables, nonalcoholic beverages, and dairy products all saw prices rise from October. Meats, poultry, fish, eggs, and other food at home categories (which include things like butter, sugar, seasonings, and snacks) saw declines.
Other consumer categories saw monthly price dips. Apparel was down 1.3% from October, while footwear dropped 0.5% and jewelry and watches decreased 0.2%. Personal care products dipped 0.6%.
Zoom out: While food prices have moderated from their peaks, they’re still putting pressure on consumers, which experts say could impact name brand product purchases as well as food bank donations this holiday season.