Core inflation edged up 0.3% month-to-month and ended November up 4% from a year earlier.
Consumer-facing inflation edged up higher in November, but at a continued decelerating pace that was in line with expectations, according to the U.S. Labor Department and media reports.
The Bureau of Labor Statistics released its monthly Consumer Price Index Summary on Dec. 12, showing that its all items index increased 3.1% for the 12 months ending November, a slight deceleration from October’s 3.1%. On a monthly basis, November’s all items index increased 0.1% after being unchanged in October.
The index for shelter continued to rise in November, offsetting a decline in the gasoline index. The energy index fell 2.3% over the month as a 6.0% decline in the gasoline index more than offset increases in other energy component indexes. The food index increased 0.2% in November after rising 0.3% in October.
The index for all items less food and energy — known as core inflation — rose 0.3% in November, after rising 0.2% in October. Indexes that increased in November include rent, owners’ equivalent rent, medical care and motor vehicle insurance. The indexes for apparel, household furnishings and operations, communication and recreation were among those that decreased on a monthly basis in November.
On a year-over-year basis, November’s core inflation rose 4.0%, identical to October. The year-over-year energy index decreased 5.4%, while the food index increased 2.9%.
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Mike Hockett
Mike Hockett is MDM’s executive editor, having joined the publication in March 2022. He oversees MDM’s editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett earned a degree in print journalism from the University of Wisconsin-Eau Claire and works from his home in Madison, Wisconsin. He can be contacted at mike@mdm.com.
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