Twin Cities saw lowest rate of inflation of metro areas surveyed in latest CPI
MINNEAPOLIS -- The latest report from the U.S. Department of Labor shows the Twin Cities saw the lowest rate of inflation of all metropolitan areas surveyed.
Minneapolis/St. Paul saw its Consumer Price Index rise 5.3% from November 2021 to November 2022, the department said. The area also saw a 1% drop in the CPI since September 2022.
Nationwide, inflation slowed sharply in November, continuing a gradual decline since price hikes peaked across the U.S. this summer.
The CPI rose 7.1% over the last 12 months, the Labor Department said, lower than the 7.3% increase economists had expected and the slowest rate of inflation since December of 2021. Falling prices for energy, commodities and used cars offset increases in food and shelter.
Core inflation, which tracks average price increases except for volatile food and energy costs, rose 6%, slowing its previous rate of growth.