White House official calls November CPI report 'blockbuster' as inflation rises less than expected, though stops short of declaring victory on prices.

Consumer prices rose 2.7% in November compared to a year earlier, marking a notable reduction from 3% year-over-year inflation in September, the most recent month for which complete data is available. Inflation stands at its lowest level since July.

After a gap in official data, prices rose at a 2.7 percent annual pace last month, according to new data from the Labor Department.

The Bureau of Labor Statistics released the November consumer price index which showed that CPI inflation remained well above the Federal Reserve's 2% target rate.

The consumer price index increased 2.7%, short of the forecast and September's 3% rise.

Inflation, which measures the rate of price increases over time, remains above the Bank of England's 2% target.

Millions of Americans braced for runaway inflation in response to President Trump's aggressive import tariffs. They're still waiting.

White House economic advisor Kevin Hassett, who is on a shortlist to potentially become Federal Reserve leader, said on Fox Business Friday that President Donald Trump is right when he says inflation is low,