Producers of metals and other raw materials rose, testing all-time highs, after the first reported drop in consumer inflation since April 2020.
The personal consumption expenditure index, the Federal Reserve's preferred inflation gauge, fell 0.1% in November from a month earlier, according to the Commerce Department. On an annual basis, prices of the basket of staples rose 2.6%, coming within range of the Fed's 2% target.
In response, the dollar neared multiyear lows against a basket of rivals.
"There is clear evidence that the post-pandemic spike in inflation is now over," said Andrew Hunter, analyst at Capital Economics, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-22-23 1652ET
