Inflation slows in the United States, according to reports

(NBC) - Tuesday's consumer price index report from the labor department shows inflation is slowing in the U.S.

According to the report from the Labor Department, inflation was at 7.1% in November.

The number is lower than the 7.7% we saw in October, and lower than the 7.3% expected by analysts.

This is the second straight month of declines in inflation numbers.

On a monthly basis, inflation climbed just 0.1%, compared to 0.4% in October.

Prices are falling or moderating across many sectors including gas, clothing, electronics, home appliances and others.

Stock prices also jumped today on the better than expected report.

This suggests the Fed's aggressive interest rate hike plan is beginning to pay off.

Now, attention will shift to Fed. Chairman Powell, who will then announce the next interest rate decision tomorrow.

The fed is widely expected to increase rates by 0.5%, a slowdown from the four straight 0.75% increases.