Inflationary pressures were higher in November, as the U.S. future inflation gauge grew to 99.6 from an unrevised 97.4 in October, according to data released Friday by the Economic Cycle Research Institute.

The smoothed annualized growth rate, a comparison of the latest figures to the preceding year’s average level, climbed to positive 2.2% from a revised negative 0.9% in October, originally reported as negative 1.0%. “Deflation fears look increasingly overblown,” the ECRI said.

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