Jan. 22 (UPI) -- Inflation ticked up to 2.8% November, moving further away from the Federal Reserve's target 2% mark, the Bureau of Economic Analysis reports Thursday.
The personal consumption expenditures price index increased by 0.2% in October and again in November. Thursday's report combined October and November due to the government shutdown delaying both reports.
The price index also increased by 0.2% for both months when excluding food and energy.
While the index increased, those increases in inflation have slowed over the year prior. In October 2024, the price index increased by 2.7%. It increased by 2.8% in November 2024.
Personal incomes increased slightly in October, up 0.1%, and more in November, up by 0.3%. In total, increases in spending outpaced the rate at which people's incomes grew.
