By CHRISTOPHER RUGABER, Associated Press Economics Writer
WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge ticked up in November in the latest sign that prices remain stubbornly elevated.
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Inflation has fallen sharply from a four-decade high in 2022 but has mostly leveled off in the past two years.
Still, on a monthly basis prices were milder: Both overall inflation and core inflation moved up just 0.2% in November from October. At that pace, over time inflation would move closer to the Federal Reserve’s target of 2%. Thursday’s data was delayed by the six-week government shutdown last fall.
Also on Thursday, the government said that the economy expanded at a healthy 4.4% annual rate in the July-September quarter, the fastest growth in two years.
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