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US inflation slowed sharply to 7.1% over past 12 months

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(   ) -q-21- UNDATED (Correspondent Jeremy House) “0.4-percent in October.”

Inflation in the United States slowed again last month in the latest sign that price increases are gradually cooling despite the pressures they continue to inflict on American households.

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TAG: Correspondent Jeremy House reporting. Even with last month’s further easing of inflation, the Federal Reserve plans to keep raising interest rates. On Wednesday, the Fed is set to boost its benchmark rate for a seventh time this year.

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VERBATIM: Consumer prices rose 7.1% in November from a year ago. That was down from 7.7% in October and a recent peak of 9.1% in June. It was the fifth straight slowdown. On a month-to-month basis, the consumer price index rose just 0.1% in November, down from 0.4% in October.

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