FXStreet (Mumbai) - The U.S. Bureau of Labor Statistics today reported consumer price index was unchanged in November on a seasonally adjusted basis. Lower gasoline prices had a considerable negative impact on consumer prices. In the 12 months through November, the CPI increased 0.5 per cent, the largest gain since December 2014, higher than the 0.2 per cent in October. The Fed targets 2 per cent inflation and it tracks an index that is running far below the core CPI. Core Consumer Price Index, which excludes food and energy, rose 0.2 per cent in November. With this core CPI has increased by 0.2 per cent for three straight months. Year on year the core CPI rose 2 per cent, marking the largest gain since May 2014. Year on year core CPI had increased 1.9 per cent in October. Strong gains in the cost of rents, airline fares, new motor vehicles and medical care led to a healthy core CPI figure. The falling gasoline prices however kept the prices on check, thereby leaving the overall CPI unchanged in November after a 0.2 per cent increase in October. The rental index increased 0.2 per cent after rising 0.3 per cent in October. The rent index was up 3.6 per cent in the 12 months through November. The figures indicate a rise in demand for rental accommodation with more people unwilling to own homes. Medical care costs increased 0.4 per cent; while the cost of doctor visits increased 1.1 per cent. Prescription drug prices advanced 0.4 per cent. Airline fares increased 1.2 per cent and tobacco prices rose 0.5 per cent. Prices for new motor vehicles moved up 0.1 per cent. Food prices however fell 0.1 per cent after gaining 0.1 per cent in October. A strong dollar, as well as an inventory glut is weighing on prices of some core goods. Energy prices fell 1.3 per cent. Gasoline prices dropped 2.4 per cent after rising 0.4 per cent in October. The cost of electricity however saw a 0.3 per cent increase. Apparel prices fell 0.3 per cent, declining for a third straight month. The report has been released ahead of the Fed’s December 15-16 meeting. The Fed will likely raise rates at its upcoming meeting after having held it at record low for almost a record low. Jobless rate has held steady for some time now pointing towards a robust labor market. Strong jobs data has raised the Fed’s confidence to hike rates. For more information, read our latest forex news.