The Bureau of Labor Statistics reported that the Consumer Price Index rose 2.7% in November from year-ago levels—an uptick from October’s 2.6% rate. Year-over-year Core CPI (which excludes volatile food and energy costs) rose 3.3%, the same amount as in October.
The CPI increased 0.3% in November from month-ago levels after rising 0.2% in October. Core CPI also rose 0.3%, matching the October increase. According to FactSet's consensus estimates, economists expected consumer prices to rise 0.2% on a monthly basis in November and for the annual inflation rate to rise slightly to 2.7% from 2.6% in October. Core inflation was forecast to rise 0.28%, keeping the annual rate steady at 3.3%.
CPI vs. Core CPI
November CPI Report Key Stats
- CPI increased 0.3% for the month after rising 0.2% in October.
- Core CPI climbed 0.3% after rising by the same amount in October.
- CPI increased 2.7% year over year after increasing by 2.6% the prior month.
- Core CPI rose 3.3% from year-ago levels after increasing by the same amount in October.
Food prices increased 0.4% in November after rising 0.2% in October. Grocery prices increased 0.5% over the month, while restaurant prices increased 0.3%. Shelter prices rose 0.3% after rising 0.4% in October. Utility (piped) gas service prices rose 1.0%, fuel oil prices climbed 0.6%, gasoline prices rose 0.6%, and electricity prices declined 0.4%.