U.S. Consumer Prices Rise 0.3% in November, Annual Inflation at 2.7%

The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.3% in November 2024, seasonally adjusted, following a 0.2% rise in each of the previous four months, according to the U.S. Bureau of Labor Statistics.

The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.3% in November 2024, seasonally adjusted, following a 0.2% rise in each of the previous four months, according to the U.S. Bureau of Labor Statistics. Over the past year, the all-items index rose by 2.7% before seasonal adjustments.

Key Contributors to Inflation

• Shelter: The shelter index rose 0.3% in November, accounting for nearly 40% of the overall monthly increase.
• Food: The food index climbed by 0.4%, driven by a 0.5% rise in food at home and a 0.3% increase in food away from home.
• Energy: After remaining unchanged in October, the energy index edged up by 0.2%.

Excluding food and energy, the index for all items less food and energy increased by 0.3% in November, consistent with the prior three months. Notable gains were observed in shelter, used cars and trucks, household furnishings, medical care, new vehicles, and recreation.

Declining Categories

The index for communication was among the few major categories to decline during November, helping to partially offset broader price increases.

The November CPI data reflects continued inflationary pressures in key areas such as shelter and food, with modest gains in energy prices. The annual inflation rate of 2.7% signals steady but manageable price increases across the U.S. economy.

Source: U.S. Bureau of Labor Statistics