US Inflation Rate Increases To 2.7% in November

The Consumer Price Index increased 0.3 percent in November and the index rose 2.7% for the 12 months ending in November.

The numbers were up from the previous 4 months, the U.S. Bureau of Labor Statistics reported on Wednesday.

Housing costs rose 0.3 percent in November, accounting for nearly forty percent of the monthly all items increase.

Food prices also increased over the month, rising 0.4 percent as the food at home index increased 0.5 percent and the food away from home index rose 0.3 percent.

The energy index rose 0.2 percent over the month, after being unchanged in October.

The index for all items less food and energy rose 0.3 percent in November, as it did in each of the previous 3 months.

The all items less food and energy index rose 3.3 percent over the last 12 months. The energy index decreased 3.2 percent for the 12 months ending November. The food index increased 2.4 percent over the last year.

Stock futures jumped on Wednesday as the numbers came in as expected but there are concerns that the numbers are not reaching the Federal Reserve's 2% target for inflation.

That puts the future of rate cuts in question moving into 2025.

There are other concerns that President-elect Donald Trump's tariff plan could accelerate inflation after he takes office.