PROGRESS

Inflation Slows for Fifth Month in a Row

But President Joe Biden warned “normal levels” of inflation wouldn’t return until the end of 2023.

America’s inflation has slowed for the fifth month in a row, according to figures released Tuesday, but rising prices are still putting pressure on households during the holiday season. Consumer prices rose 7.1 percent in November compared to a year ago, down from 7.7 percent in October and the high of 9.1 percent in June. Price hikes for gas, health care, furniture, electricity, airline fares, used cars and hotel rooms slowed in November, but President Joe Biden warned “normal levels” of inflation won’t return until the end of 2023. He nevertheless called Tuesday’s report “welcome news for families across the country.” “Inflation was terrible in 2022, but the outlook for 2023 is much better,” Comerica Bank Chief Economist Bill Adams said. “Supply chains are working better, business inventories are higher, ending most of the shortages that fueled inflation in 2020.”