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Price Increases Cooled Notably in November as Inflation Began to Ease



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Inflation slowed more sharply than expected in November, an encouraging sign for Federal Reserve officials as they gather in Washington this week to discuss the next steps in their policy campaign against rapid price increases.Fed policymakers are set to release their latest rate decision at 2 p.m. on Wednesday, at the conclusion of their two-day meeting. They are widely expected to raise interest rates by half a percentage point, slowing down after months of rapid three-quarter point moves. They will also release fresh economic projections.Tuesday’s inflation figures are likely to figure into their discussion about the future policy path. The Consumer Price Index measure climbed 7.1 percent in November compared to a year earlier, less than the 7.3 percent that economists had expected and a slowdown from 7.7 percent in the previous reading. Between October and November, prices also picked up more slowly than forecast.After stripp …

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