United States Inflation

United States

United States: Inflation driven down in November by falling energy prices

December 17, 2014

In November, consumer prices decreased 0.3% over the previous month in seasonally-adjusted terms, which marked the biggest decline in almost six years. The print was down from the flat reading recorded in October and below market expectations of a 0.1% decline. November’s reading was mainly driven by a steep drop in energy prices, including gasoline.

Annual inflation fell from 1.7% in October to 1.3% in November, which marked the lowest level since February. Meanwhile, core consumer prices, which exclude food and energy prices, rose 0.1% over the previous month, which was down from the 0.2% increase observed in October. The figure was in line with market expectations. Annual average core inflation ticked down from 1.8% in October to 1.7% in November.

FocusEconomics Consensus Forecast participants expect inflation to average 1.6% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, the panel expects inflation to average 2.2%.


Author:, Economist

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United States Inflation Chart


USA Inflation November 2014

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
Source: Bureau of Labor Statistics.


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