Easing Services Inflation Helped Slow Price Growth in November
Services prices cooled off in November, helping to slow the overall pace of inflation.
That subset of the indexes has been the driver of price growth in 2024, as wage growth has continued apace. Housing-related costs are also classified as services—and have been a particular source of upward pressure on inflation.
Services prices in the personal consumption expenditures, or PCE, price index were up by 0.2% in November, while goods prices rose by less than 0.1%, according to data released Friday. That was enough to hold the rise in the overall PCE price index to 0.1%.
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