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Inflation moved up for a second month in a row, rising one tenth of a percentage point to 2.7% for the year ending in November, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index.

Rising inflation is unwelcome news for President-elect Donald Trump, who will soon inherit the economy from President Joe Biden. It suggests that the price pressures that afflicted the country throughout Biden’s tenure have not yet fully abated.

On a month-to-month basis, inflation rose 0.3%.

Inflation was the biggest concern on the campaign trail and a major factor in Trump besting Vice President Kamala Harris last week.

Core CPI inflation, which strips out volatile food and energy prices, remained at 3.3% for the year ending in November.

Officials at the Federal Reserve are watching the inflation numbers closely to determine whether to further lower interest rates to spur more economic activity, or to forego further rate cuts to try to tamp down inflation. The Fed met shortly after the election and decided to lower its interest rate target by a quarter of a percentage point. The Fed’s goal is 2% annual inflation.

The Fed looks at another inflation gauge, the personal consumption expenditures index, when analyzing its next steps. The PCE index for October, which was recently released, showed PCE inflation rising to 2.3%. And core inflation rose to a 2.8% year-over-year rate.

Despite interest rates remaining quite high, the labor market has proven resilient — although it has shown some signs of cooling in recent months.

The economy added 227,000 jobs in November, and the unemployment rate rose a tenth of a percentage point to 4.2%, the Bureau of Labor Statistics reported last week. That came after a shock jobs report in October showed just 12,000 jobs being added, a number that was later revised up to a still-low 36,000.

Trump will enter office with a resilient, although slowing, labor market.

It is helpful to look at the overall trend for the labor market. The three-month moving average of job gains rose in November to 173,000, above the rate needed to keep up with population growth.

The president-elect will also inherit an economy with strong growth.

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The economy grew at a 2.8% annual rate, adjusted for inflation, in the third quarter of this year, just under the 3% rate the quarter before, the Bureau of Economic Analysis recently reported. GDP growth has remained relatively robust this year despite headwinds, such as high interest rates from the Fed.

All eyes are on the Fed next week when it decides whether to cut interest rates once again. Most investors expect the central bank will cut interest rates.