November US CPI Report Shows Inflation at a 2.7% Annual Rate

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. 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, according to FactSet’s consensus estimates. Core inflation was forecast to rise 0.28%, keeping the annual rate steady at 3.3%.

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 increasing 0.2% in October. Grocery prices increased 0.5% over the month, while prices at restaurants 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%.