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Inflation rose again in November, according to new data out today (The Wall Street Journal, subscription).

What’s going on: “The consumer-price index rose 2.7% from a year earlier, the Labor Department said Wednesday, after rising 2.6% in October. … The results matched the expectations of economists surveyed by The Wall Street Journal.”

• From October to November, prices rose 0.3%, the biggest increase in seven months (Reuters, subscription).

Core CPI: Core consumer prices, which exclude food and energy costs, went up 3.3% last month, also in line with expectations.

Spending and wages: “Since May 2023, wages have been rising faster than inflation, which is the main reason why persistently higher inflation has not slowed overall consumer spending,” Bright MLS Chief Economist Lisa Sturtevant said following the data’s release (CBS News).

What it could mean: Stubbornly elevated inflation numbers “may complicate the Fed’s current rate-cutting path. … While a majority of economists still forecast the Fed will again cut rates at its next meeting, set for Dec. 18, some forecasters are now expecting fewer cuts in 2025” (CBS News).