In another sign of broad-based improvements in the United States, the latest headline inflation figures released by the US Bureau of Labor Statistics showed consumer prices rising by 1.70% on an annualized basis in November. Besides marking the fastest pace of price growth since October of 2014, it gives the Federal Reserve some more breathing room to raise interest rates as proposed during the latest FOMC statement. The predominant driver of the latest gains was the resurgence in energy prices while food prices continue to fall. Energy costs rose by 1.10% year over year while the cost of food decreased by -0.40% over the same period, declining for three straight months. The US dollar continued its ascent versus major peers, with the EURUSD pair falling below 1.0400 to its lowest point since 2003 before managing to retake the level and rebound modestly overnight.