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BLS: CPI increased 0.1% in November; Core CPI increased 0.2%


by Calculated Risk on 12/13/2022 08:31:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in November on a seasonally
adjusted basis, after increasing 0.4 percent in October, the U.S. Bureau of Labor Statistics reported
today. Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment.

The index for shelter was by far the largest contributor to the monthly all items increase, more than
offsetting decreases in energy indexes. The food index increased 0.5 percent over the month with the
food at home index also rising 0.5 percent. The energy index decreased 1.6 percent over the month as
the gasoline index, the natural gas index, and the electricity index all declined.

The index for all items less food and energy rose 0.2 percent in November, after rising 0.3 percent
in October. The indexes for shelter, communication, recreation, motor vehicle insurance, education,
and apparel were among those that increased over the month. Indexes which declined in November include
the used cars and trucks, medical care, and airline fares indexes.

The all items index increased 7.1 percent for the 12 months ending November; this was the smallest
12-month increase since the period ending December 2021. The all items less food and energy index rose
6.0 percent over the last 12 months. The energy index increased 13.1 percent for the 12 months ending
November, and the food index increased 10.6 percent over the last year; all of these increases were
smaller than for the period ending October.

emphasis added

Both CPI and core CPI were below expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

Tuesday: CPI

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