The consumer price index, a closely watched inflation gauge, increased 0.1% in November, and was up 3.1% from a year ago, CNBC reports.
Wall Street Journal: “Fed officials are wary of declaring a premature victory, given that inflation has appeared to be declining toward their 2% target before, only to reaccelerate.
Policy makers closely watch core inflation as it is viewed as a better predictor of future price increases. Core prices have risen more briskly than overall prices this fall.”