Consumer prices rose 7.1% in November, continuing a monthslong decline from a 40-year record reached over the summer.
Monthly inflation also fell significantly. Prices rose 0.1% in November, cooling down from a 0.4% increase in October.
By raising borrowing costs, the Fed has tried to slash inflation by cooling the economy and choking off demand. The approach, however, risks tipping the U.S. into a recession and putting millions out of work. But rising wages often push companies to hike prices to make up for the added costs, which can worsen inflation and make it more difficult to reverse.
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