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Consumer prices rose in November but at a slower rate than in September and October, according to the Bureau of Labor Statistics.

What’s up: Excluding energy and food, core consumer prices increased 0.2% in November, the slowest monthly gain since August 2021. Costs for housing, furnishings and supplies, apparel and medical care commodities edged up.

What’s down: The cost of energy, used cars and trucks, medical care services and transportation services all declined.

The big picture: The Consumer Price Index has risen 7.1% in the past year, down from June’s high of 9.1%, the fastest pace since November 1981. Meanwhile, core inflation (which excludes energy and food costs) rose 6.0% year-over-year, down from October and September, which had the highest rate since August 1982.

The NAM’s take: “Overall, pricing pressures for consumers remain very elevated, even with continued easing in the latest data,” said NAM Chief Economist Chad Moutray.

• “The moderation in inflation is welcome news for the Federal Reserve, manufacturers and consumers, but there is still more work to be done to wring inflation further from the U.S. economy.”