Federal Reserve Chair Jerome Powell said last week that the central bank would look at this latest report with a “skeptical eye" because of possible distortions.

Prices rose 2.7% over the 12 months to November, according to the latest figures from the consumer price index (CPI).

Federal Reserve Chair Jerome Powell said last week that the central bank would look at this latest report with a “skeptical eye" because of possible distortions.

Thursday saw the release of a much lighter-than-expected inflation report for November, and economists are already questioning its significance.