Gas Prices Fall By Most Since December 2008

Reuters/Eduardo Munoz

Consumer prices fell more than expected in November.

Headline inflation numbers fell 0.3% in November, more than the 0.1% decline that was expected.

"Core" inflation, which excludes the more volatile cost of food and gas, rose by 0.1% in November, in-line with expectations.

The big drop in the report was the price of gas, which fell by the most since 2008 as the price of gas fell 6.6% in November.

Overall, energy prices were down 3.8% in November.

Headline inflation rose 1.3% year-on-year, just below expectations, while core inflation rose 1.7%, also just below expectations.

Compared to the prior year, headline inflation was expected to rise 1.4%, with inflation expected to rise 1.8% when excluding food and energy.

Inflation data is the biggest economic data point on Wednesday morning ahead of this afternoon's big Federal Reserve announcement.

More to come ...