The latest inflation data for the United States has been released

US inflation was 3.1% in November, in line with estimates from economists polled by Reuters. One of the big drivers in the slowdown for inflation was a dramatic drop in energy prices. Per the report, gas prices fell 6% over the month and are down nearly 9% from a year ago.

Over the month, the Consumer Price Index increased by 0.1% between October and November after seasonal adjustment.

U.S. stocks closed at fresh highs of the year on Tuesday, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve․ Investors have revised their expectations, with the probability of the Fed reducing interest rates by 25 basis points in March declining from 50% to 43.7%.

US stocks ended higher, with the S&P 500 rising 0.5 per cent to its highest closing level since January 2022, Dow rose, 0.48%, Nasdaq ended up with 0.70% higher.