The latest consumer price index report shows spending shifted last month. As prices decreased at the gas pump, there were still increases in produce and other grocery items. But the index for urban area consumers rose just 0.1%.

ASU economics professor Dennis Hoffman says this could be a signal that we may not be heading for a recession.

"Things are getting better, they're getting better on the energy front, and that's going to cascade into food, supply chains are opening," Hoffman said.

Consumer prices in November were up 7.1% from a year ago, compared to an annual increase of 7.7% the month before. It’s the smallest 12-month increase since December 2021.