WASHINGTON (AP) — Consumer prices stayed flat in November, further evidence that inflation has cooled off.
Energy costs dropped for the second straight month, which offset higher prices that Americans paid for food, clothes and medical services.
The consumer price index was unchanged in November, the Labor Department said Friday. That followed a 0.1 percent decrease in October.
Excluding volatile food and energy costs, so-called “core” prices rose 0.2 percent.
A spike in oil and other commodity costs drove up prices last year. In the 12 months ending in November, prices rose 3.4 percent, below October’s 3.5 percent pace and the smallest year-over-year rise since April.
Core prices have risen 2.2 percent in the past 12 months, the most in more than three years. More expensive clothing and higher prices for rent have driven the core index up in that time.
Clothing prices have increased at the fastest pace in twenty years over the past 12 months, partly because of higher cotton costs. Clothing costs jumped 0.6 percent last month, the seventh increase in eight months. In the past 12 months, clothing prices have risen 4.8 percent.
