Inflation eases more than expected in November to 7.1%, but consumer prices remain elevated

Inflation moderated more than expected in November, but consumer prices remained near a multi-decade high, continuing to squeeze millions of U.S. households and small businesses.

The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.1% in November from the previous month. Prices climbed 7.1% on an annual basis. 

Those figures were both lower than the 7.3% headline figure and 0.3% monthly increase forecast by Refinitiv economists,

This is a developing story. Please check back for updates.