Inflation levels dropped in November and pundits say that the average person could find relief from rising prices and interest rates soon.

While the Consumer price index data that was released on Tuesday shows the inflation levels are still sky-high, the decrease in price growth may be enough to help Americans who had to deal with a 7.7% inflation rate in October.

Over the past year, prices rose 7.1%  from a year ago and .1% over the past month. Though both numbers are staggeringly high, they still remain below projections. Economists say the numbers should fall even further as the winter goes on.

“Cooling inflation will boost the markets and take pressure off the Fed for raising rates, but most importantly this spells real relief starting for Americans whose finances have been punished by higher prices,” Robert Frick, a corporate economist with Navy Federal Credit Union said in a statement. “This is especially true for lower-income Americans who are disproportionately hurt by inflation.”

The central bank indicated that it will keep hiking interest rates in an effort to slow the economy and decrease inflation.

“The Fed could dismiss the better-than-expected October as just one month’s data, but the further slowdown in November makes this new disinflationary trend harder to dismiss,” Paul Ashworth, chief North America economist for Capital Economics, commented after the new CPI report was released.

Read more about:

Get the free uPolitics mobile app for the latest political news and videos

iPhone Android