The Consumer Price Index in the USA recorded the largest increase in seven months in November, but against the backdrop of a cooling labor market, this is unlikely to prevent the Federal Reserve from cutting interest rates for the third time next week. Data shows that the CPI rose 0.3% month-on-month last month, the largest increase since April, after the index rose 0.2% for four consecutive months. The year-on-year growth rate of the CPI rose to 2.7% following a 2.6% increase in October. Compared to the peak of 9.1% in June 2022, the year-on-year growth rate of inflation has significantly slowed down. Nevertheless, the process of reducing the inflation rate to the Federal Reserve's 2% target has effectively stalled in recent months. However, the Federal Reserve is now more focused on the labor market. Although job growth accelerated in November after being severely disrupted by strikes and hurricanes in October, the unemployment rate accelerated to 4.2% after remaining at 4.1% for two consecutive months.