Energy costs push US consumer inflation above Fed target to 2.2%
US central bank's
Washington - Muslimchronicle
Mounting gasoline prices helped drive US consumer inflation higher in November, pushing the annual measure above the US central bank's target, according to a government report Wednesday.
The news comes as the Federal Reserve is poised to raise interest rates later on Wednesday, the third rate hike of the year, and gives ammunition to those worried about the dangers of inflation.
The Consumer Price Index, which tracks costs for household goods and services, gained 0.4 percent from October, matching analyst expectations.
But the 12-month measure rose 2.2 percent, moving above the Fed's two percent target to the same level recorded in September.
source: AFP
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