With a 2.3% decrease in energy prices, gasoline fell by 6% and fuel oil was down by 2.7%. Food prices saw a slight increase at 0.2%.

The results were in line with expectations—slightly lower, though not as much as anticipated. Rates remain essentially unchanged.

While the November figures still surpass the Fed’s 2.0% target, the slowdown persists. I had anticipated a more aggressive deceleration, but as we enter the holiday season, spending is on the rise. Coupled with limited supply, we find ourselves reverting to the traditional supply and demand model.

I am particularly focused on the January inflation figures set to be released in February. Despite going against the prevailing trend, I am optimistic about the possibility of Fed rate cuts in March.