US Consumer Price Index Increases 2.7% Year-Over-Year in November

On Wednesday, the US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% on a seasonally adjusted basis in November. This follows the previous four consecutive months increasing at a 0.2% rate. Over the past 12 months, the all-items index has increased 2.7% before seasonal adjustment.

The index for shelter rose 0.3% in November, accounting for nearly 40% of the monthly all-items increase. The food index also increased over the month, rising 0.4% as the food at home index increased 0.5% and the food away from home index rose 0.3%. The energy index rose 0.2%, after being unchanged in October.

The index for all items less food and energy rose 0.3% in November, as it did in each of the previous three months. Indexes that increased include shelter, used cars and trucks, household furnishings and operations, medical care, new vehicles, and recreation. The index for communication was among the few major indexes that decreased over the month.

The all-items index rose 2.7% for the 12 months ending in November, after rising 2.6% over the 12 months ending in October. The all-items less food and energy index rose 3.3% over the last 12 months. The energy index decreased 3.2%. The food index increased 2.4%.