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American Focus > Blog > Economy > Here’s the inflation breakdown for November 2024 — in one chart
Economy

Here’s the inflation breakdown for November 2024 — in one chart

Last updated: December 11, 2024 8:14 am
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Here’s the inflation breakdown for November 2024 — in one chart
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In November, consumers experienced a slight uptick in inflation, with prices rising in categories such as groceries, gasoline, and new cars. This increase outweighed a deceleration in other categories like shelter during the same month. The consumer price index (CPI), a crucial measure of inflation, rose by 2.7% compared to November 2023, up from 2.6% in October, as reported by the Bureau of Labor Statistics.

Mark Zandi, chief economist at Moody’s, noted that while he doesn’t see an acceleration of inflation, he believes it is persistently too strong. The inflationary pressures seem to be broad-based, slightly on the high side across various sectors. However, economists remain optimistic, pointing out that economic trends supporting inflation, such as moderating wage growth in the labor market, are positive indicators.

Despite the appearance of an inflation “revival,” Joe Seydl, a senior markets economist at J.P. Morgan Private Bank, believes that the overall path is still towards disinflation. Inflation has significantly decreased from its peak of 9.1% in June 2022, with the U.S. Federal Reserve aiming for a long-term target of around 2%.

One significant area of concern is the increase in food prices, with grocery inflation jumping notably in November. Egg prices alone surged by about 8% during the month and are up by 38% over the past year. This bounce back in food prices, attributed in part to avian flu, is a critical factor to monitor as groceries are essential to most households.

Additionally, categories like transportation, health care, and shelter have been identified as trouble spots. Vehicle prices and airfare, significant components of transportation, have shown recent inflationary trends. New vehicle prices rose by 0.6% from October to November, while car insurance prices increased by 0.1% over the same period and are up by 13% over the year.

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Health care inflation, driven primarily by labor costs, remains resilient due to labor shortages in the sector. Prices for medical care services saw a 4% increase over the year. Housing, the largest component of the CPI, continues to contribute to overall inflation readings. However, the shelter index has shown a decline, with the smallest 12-month increase since February 2022.

In conclusion, while inflation has shown slight upward movement in certain categories, economists remain cautiously optimistic about the overall trajectory towards disinflation. Monitoring key sectors like food prices, transportation, health care, and housing will be crucial in understanding the evolving inflation landscape.

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