NEW: Inflation declined to 5.5% in November, according to key gauge watched by Fed
The decline in the personal consumption expenditures price index reported Friday morning by the Bureau of Economic Analysis is a sign that inflationary pressures are abating in the face of the Federal Reserve’s campaign to slow economywide spending by hiking interest rates. Nevertheless, inflation is still running much hotter than the central bank’s target and dinging household purchasing power.
The central bank has been tightening monetary policy at a dramatic pace in a desperate bid to bring down the inflation that has hit households hard and damaged President Joe Biden's ratings.
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