Prices for services cooled in November, which contributed to slowing the overall pace of inflation.
That subset of indices has been the driver of price growth in 2024, as wage growth has continued apace. Housing-related costs are also classified as services and have been a particular source of upward pressure on inflation.
Prices for services in the personal consumption expenditures, or PCE, price index rose 0.2% in November, while prices for goods rose less than 0.1%, according to data released Friday. This was enough to keep the increase in the general PCE price index at 0.1%.