The annual core consumer price inflation rate in the United States, which excludes volatile items such as food and energy, stood at an over two-year low of 4% in November 2023, unchanged from October, matching market forecasts. The shelter index, accounting for over 70% of the total increase in all items less food and energy, eased to 6.5% in November from 6.7% in the prior month. Other indexes with slower increases over the last year include recreation (+2.5% vs +3.2%), personal care (+5.2% vs +6%), and new vehicles (+1.3% vs +1.9), while prices of motor vehicle insurance remained elevated (+19.2%, the same pace as in October). On a monthly basis, core consumer prices rose only by 0.3% in November, after a 0.2% increase in October, also in line with market forecasts. source: U.S. Bureau of Labor Statistics
And what do people HAVE to buy? Food, energy, housing, and insurance.