According to a new report from the U.S. Department of Commerce, prices in the United States fell to the lowest levels seen since April 2020 during November.
The Personal Consumption Expenditures price index registered a .1% decline in the price of goods and services from October to November, the first decline on the index since the onset of the COVID-19 pandemic.
The declining prices bring the annual U.S. inflation rate to 2.6%.
“This trend is as graceful and encouraging as anybody could have hoped for when the Fed started lifting rates,” said Moody’s Analytics economist Matt Colyar. “It’s another good, solid report, and it’s becoming increasingly evident that what the Fed has done has not initiated a recession and has coincided with their main goal, which is prices back down toward their 2% target.
