Key inflation measure shows price pressures cooled off in November

New York
CNN
 — 

Another key inflation measure shows price pressures cooled off last month, a hopeful sign that American consumers may soon see the end of decades-high price hikes.

The Producer Price Index, which measures prices paid for goods and services by businesses before they reach consumers, rose 7.4% in November compared to a year earlier, the Bureau of Labor Statistics reported Friday. That’s down from the 8% gain reported for October.

This is a developing story and will be updated.