Inflation continues to cool, as an encouraging sign for the economy at the end of 2022.
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in November, according to the U.S. Bureau of Labor Statistics’ report Tuesday.
That was down from October’s 0.4 percent.
Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment.
Prices for housing, food, communication, education and clothing continued to climb, while costs for used cars and trucks, medical care and airline fares fell in November.
The index for used cars and trucks fell 2.9 percent in November, the fifth consecutive decline in that index.
NIADA continues to be encouraged by cooling inflation and specifically continued declines in Used Car costs.
Jeremy Beck, NIADA Vice President
“Inflation continues to hamper recovery efforts for all industries, including the automotive industry. NIADA continues to be encouraged by cooling inflation and specifically continued declines in Used Car costs,” said Jeremy Beck, NIADA Vice President. “NIADA continues to assist dealers during these trying times to allow them to take advantage of pockets of the market. We continue to encourage our dealers to be diligent in their business operations to set them up for coming influx of demand headed our way.”
The U.S. Bureau of Labor Statistics show new vehicle prices were up 7.2 percent.
