The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.3% in November on a seasonally adjusted basis, following a 0.4% increase in October. Excluding the volatile food and energy components, the “core” CPI increased by 0.2% in November, the same increase as in October.
In November, increases in the food and energy indexes contributed to the overall increase in the CPI. The food index increased by 0.1% in November, after a 0.2% increase in October. The indexes for food at home and food away from home increased over the month. Meanwhile, the price index for a broad set of energy sources rose by 0.8% in November, after a 2.7% increase in October. The major energy indexes, such as the indexes for gasoline, fuel oil, electricity and utility gas service, all increased in November.
Over the past twelve months, on a not seasonally adjusted basis, the CPI rose by 2.1% in November, faster than a 1.8% increase in October. It was the largest gain since November 2018 on a year-over-year basis. Meanwhile, the “core” CPI increased by 2.3% over the past twelve months, the same increase as in October. The food index rose by 2.0%, and the energy index declined by 0.6%.