U.S. Inflation Falls for Fifth Straight Month from 9.1% Peak (YoY)

The United States Bureau of Labor Statistics (BLS) reported that overall inflation fell to 7.1% (year-on-year/yoy) in November 2022. This annual inflation rate decreased compared to the previous month and is the lowest this year, as shown in the graph.

This decline in overall inflation marks the fifth decrease from its peak of 9.1% (yoy) reached in June 2022.

Similarly, annual food inflation decreased to 10.6% (yoy) in November 2022, down from 10.9% (yoy) the previous month. This is the third consecutive decrease since September 2022.

Here's a breakdown of annual inflation in the United States in November 2022:

Overall: 7.1% (yoy)

  Food: 10.6% (yoy)

   - Food at home: 12% (yoy)

   - Food away from home: 8.5% (yoy)

  Energy: 13.1% (yoy)

   - Energy commodities: 12.2% (yoy)

   - Energy services: 13.2% (yoy)

As is known, rising energy and food commodity prices resulting from the Russian invasion of Ukraine have fueled high inflation in many countries, including the United States. US inflation even reached 9.1% (yoy), its highest level in four decades.

High inflation led the US Federal Reserve (The Fed) to raise its benchmark interest rate by 425 basis points (bps) to a range of 4.25-4.5% at the FOMC meeting on December 13-14, 2022.