Consumer Price Index Increases 0.1% in November; Year-Over-Year All-Item Index Up 7.1%

The US Bureau of Labor Statistics on Tuesday (12-13-22) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in November, on a seasonally adjusted basis, after increasing 0.4% in both October and September. Over the past 12 months, the all-item index has increased 7.1% before seasonal adjustment.

The index for shelter was the largest contributor to the monthly all-items increase, more than offsetting declines in the energy indexes. The food index increased 0.5% in November, with the food at home index also rising 0.5%. The energy index dropped 1.6% over the month as the gasoline index, the natural gas index, and the electricity index all posted declines.

The index for all items less food and energy rose 0.2% in November, after rising 0.3% in October and 0.6% in September. The indexes for shelter, communications, recreation, motor vehicle insurance, education, and apparel were among those that increased in November. Indexes that posted declines included the used car and trucks, medical care, and airline fares indexes.

The all-items index for the 12-month period ending in November rose 7.1%. This is the smallest 12-month increase since the period ending in December 2021. The all items less food and energy index rose 6.0% over the last 12 months. The energy index increased 13.1%, and the food index rose 10.6% in the 12-month period ending in November. The BLS notes that all of these increases were smaller than for the 12-month period ending in October.