US consumer prices unexpectedly rise in November

U.S. consumer prices unexpectedly rose in November while underlying inflation pushed higher, offering more evidence that the Federal Reserve was unlikely to pivot to interest rate cuts early next year. The consumer price index edged up 0.1% last month after being unchanged in October, the Labor Department’s Bureau of Labor Statistics said on Tuesday. In the 12 months through November, the CPI increased 3.1% after rising 3.2% in October.