November U.S. CPI Report Shows Inflation at a 3.1% Annual Rate

The Bureau of Labor Statistics reported that the Consumer Price Index increased 3.1% in November from year-ago levels—a tick downward from October’s 3.2% rate, but well below the June 2022 peak of 9.1%. Core CPI, which excludes volatile food and energy costs, increased 4.0% in November over the last 12 months after rising 4.0% in October.

The CPI climbed 0.1% in November from month-ago levels after 0.0% in October. Core CPI rose 0.3% after rising 0.2% in October.

The headline year-over-year rise of 3.1% in the CPI was in line with economists’ expectations, as was the core CPI reading for the past year of 4.0%. The monthly overall increase of 0.1% was just above the consensus forecast, but the 0.3% core reading was as-expected.

November CPI Report Key Stats

• CPI climbed 0.1% for the month after being unchanged in October.
• Core CPI rose 0.3% after increasing by 0.2% in October.
• CPI rose 3.1% year over year after increasing by 3.2% the prior month.
• Core CPI climbed 4.0% from year-ago levels after growing 4.0% in October.

Food prices rose 0.2% in November after growing 0.3% in October. Food-at-home prices rose 0.1% over the month, while food-away-from-home (restaurant) prices increased 0.4%.

Energy prices were mixed overall for the month after dropping 2.5% the prior month. Utility (piped) gas service prices climbed 2.8%, fuel oil prices declined 2.7%, gasoline prices fell 6.0%, and electricity prices rose 1.4%.

In November, shelter prices climbed 0.4% after rising 0.3% in October.