Investing.com – Annualized consumer price inflation (CPI) continued to push higher in November as expected, though core inflation unexpectedly held steady, official data showed on Thursday.
In a report, the U.S. Commerce Department said that consumer prices gained 0.2% in November from a month earlier, in line with expectations and compared to a 0.1% increase in the previous month.
Year-over-year, consumer prices increased 1.7% last month, also in line with forecasts and after having risen 1.6% in October.
Consumer prices, excluding food and energy costs, increased by a seasonally adjusted 0.2% last month, in line with estimates and compared to the 0.1% advance seen in October.
Core CPI increased at annualized rate of 2.1% in November, below the forecast for a gain of 2.2%. Annual core inflation rose 2.1% in October.
Core prices are viewed by the Federal Reserve (Fed) as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less.
After the report, which was published simultaneously with weekly jobless claims, the NY Empire State manufacturing index and the Philly Fed manufacturing index, EUR/USD was trading at 1.0425 from around 1.0412 ahead of the release of the data, GBP/USD was at 1.2471 from 1.2462 earlier, while USD/JPY was at 117.86 from 118.00 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 103.05, compared to 103.10 ahead of the report.
Meanwhile, U.S. stock futures pointed to a flat open. The Dow futures edged forward 10 points or 0.05%, the S&P 500 futures inched down 1 point, or 0.03%, while the Nasdaq 100 futures slipped 7 points, or 0.14%.
Elsewhere, in the commodities market, gold futures traded at $1,131.50 a troy ounce, compared to $1,130.35 ahead of the data, while crude oil was unchanged at $50.55.