US prices rose 2.7% in the year to November, according to federal data released a day after Donald Trump claimed they were falling “very fast” on his watch.
The latest consumer price index, released on Wednesday morning, was down from 3% in September, and short of economists’ expectations of about 3.1% for last month.
It comes amid questions over the strength of the US economy. The longest US federal government shutdown in history halted collection of key data. There was no inflation report for October, and data was only collected for the second half of November.
In a live TV address on Tuesday night, Trump claimed prices were falling “rapidly”, despite evidence to the contrary. “I am bringing those high prices down, and bringing them down very fast,” the US president said.
Price growth, which surged in the US to its highest level in a generation three years ago amid economic disruption wrought by Covid, fell back sharply. It has stubbornly remained above standard levels, however, and after retreating to 2.3% in April, it has since climbed higher – amid persisting concerns around affordability.