Total CPI was unchanged month-over-month in November, as expected, while core CPI, which excludes food and energy, was up 0.2%, also as expected.
Total CPI was up 2.2% year-over-year, versus 2.5% in October, and core CPI was up 2.2%, versus 2.1% in October.
The gasoline index declined 4.2%, which helped offset increases in a number of other indexes.
The food index was up 0.2%.
The shelter index increased 0.3% and was the main driver of the uptick in core CPI along with a 2.4% increase in the index for used cars and trucks.
The apparel index declined 0.9%.
The key takeaway is that consumer inflation trends are not running away from the Federal Reserve's longer-run target, which should feed into the market's growing belief that the Federal Reserve has some data-based scope to take it easy after a December rate hike.| NOV | OCT | SEP | AUG | JUL | |
|---|---|---|---|---|---|
| All Items | 0.0% | 0.3% | 0.1% | 0.2% | 0.2% |
| Food and Beverages | 0.2% | -0.1% | 0.1% | 0.1% | 0.1% |
| Housing | 0.3% | 0.3% | 0.1% | 0.3% | 0.2% |
| Equivalent Rent | 0.3% | 0.3% | 0.2% | 0.3% | 0.3% |
| Apparel | -0.9% | 0.1% | 0.9% | -1.6% | -0.3% |
| Transportation | -0.8% | 1.1% | -0.3% | 0.9% | 0.3% |
| Vehicles | 0.8% | 0.7% | -1.1% | 0.1% | 0.7% |
| Motor Fuel | -4.2% | 3.0% | -0.2% | 3.0% | -0.6% |
| Medical Care | 0.4% | 0.2% | 0.2% | -0.2% | -0.2% |
| Educ and Commun | -0.5% | -0.1% | 0.1% | 0.2% | 0.2% |
| Special Indices | |||||
| Core | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% |
| Energy | -2.2% | 2.4% | -0.5% | 1.9% | -0.5% |
| Services | 0.2% | 0.3% | 0.2% | 0.2% | 0.3% |
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