The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.1% in November from the previous month.
Prices climbed 3.1% from the same time last year, down from the 3.2% recorded in October.
Other parts of the report also pointed to cooling price pressures within the economy. Core prices, which exclude the more volatile measurements of food and energy, climbed 0.3%, or 4% annually.
Still, the report indicates that while inflation has fallen considerably from a peak of 9.1%, it remains well above the Federal Reserve’s 2% target.
“This fairly benign CPI report suggests that inflation is on a path to 2% barring an economic shock,” said Oren Klachkin, Nationwide financial markets economist. “We expect cooler inflation readings in 2024, but a return to 2% is unlikely in the very near term.”