U.S. inflation climbed less than expected in the 12 months ending in November, based on economists’ consensus ahead of the government report released Thursday, December 18, which was delayed by the 43-day shutdown.
October’s CPI report was canceled because most pricing data could not be collected retroactively by Labor Department workers, leaving the November report without key month-over-month changes.
Instead of a traditional headline monthly figure, the agency’s latest Consumer Price Index (CPI) report extended the timeline, showing a 0.2% increase across October and November. For perspective, the monthly inflation reading in September was 0.3%.
The Consumer Price Index (CPI), a key inflation gauge, measures what American consumers pay for a wide range of everyday goods and services, from clothing to cars.
For the headline annual rate, inflation rose 2.7% over the 12 months ending in November, below reported expectations of 3.1% and down from the 3.0% year-over-year increase in September.
Over the past year, food prices increased 2.6%, down from 3.1% over the 12-month period ending in September. Grocery prices climbed 1.9% compared with 2.7% previously, while dining-out costs rose by the same 3.7%.
In other sectors, gasoline prices rose 0.9% in the 12 months ending in November after falling 0.5% over the 12 months ending in September.
The broader energy index, which includes gasoline, electricity, and fuel oil, advanced 4.2% over the past year, up from a 2.8% gain previously.
Excluding the volatile food and energy components, the rate of core consumer prices rose 0.2% over the two month period ending in November, matching the 0.2% increase recorded in September.
From September through November, shelter costs also increased 0.2%, the same pace seen in September alone. Over the past year, shelter prices advanced 3.0%, down from an annual rate of 3.7% in September.
Annual shelter inflation has steadily eased from recent highs. For comparison, 12-month increases were:
- August 2025: 3.6%
- July 2025: 3.7%
- June 2025: 3.8%
- May 2025: 3.9%
- April 2025: 4.0%
- March 2025: 4.0%
- February 2025: 4.2%
- January 2025: 4.4%
- December 2024: 4.6%
- November 2024: 4.7%
- October 2024: 4.9%
- September 2024: 4.9%
- August 2024: 5.2%
- July 2024: 5.1%
- June 2024: 5.2%
- May 2024: 5.4%
- April 2024: 5.5%
- March 2024: 5.7%
- February 2024: 5.7%
- January 2024: 6.0%
- December 2023: 6.2%
- November 2023: 6.5%
- October 2023: 6.7%
- September 2023: 7.2%
- August 2023: 7.3%
- July 2023: 7.7%
- June 2023: 7.8%
- May 2023: 8.0%
- April 2023: 8.1%
- March 2023: 8.2% – the highest since June 1982
The shelter component of the CPI includes prices for items such as apartment rents, owners’ equivalent rent – a measure of what homeowners would pay to rent or earn from renting their property – lodging away from home like hotels and motels, and housing at schools.
The BLS did report monthly increases in October and November for new vehicles, up 0.1% and 0.2%, respectively, and for used cars and trucks, which rose 0.7% and 0.3%. Their respective year-over-year increases were 0.6% and 3.6%.
Core inflation rose 2.6% over the year through November, below reported expectations of 3% and down from the 3% year-over-year increase in September.
This core, "all items less food and energy" index, is one of the benchmark inflation rates monitored by the Federal Open Market Committee (FOMC) to guide the central bank in setting its key interest rate.
In September 2022, the annual core inflation rate at 6.6% was the highest since August 1982. Many economists consider the core reading as a better predictor for future inflation.
The following table of key inflation figures is for the last seven months through November, as published by the U.S. Labor Department’s Bureau of Labor Statistics (www.bls.gov/cpi) on December 18, 2025. To index the data each month, the BLS monitors the prices of about 80,000 consumer goods and services from around the nation. All monthly and annual pricing changes are in percentages.
May 2024 to November 2025 Consumer Prices – Gains & Losses in Percent
(Seasonally Adjusted from Prior Month and Unadjusted 12-Month)
| May 2025 | June 2025 | July 2025 | Aug 2025 | Sep 2025 | Oct 2025* | Nov 2025* | 12 Month | |
| All items | 0.1 | 0.3 | 0.2 | 0.4 | 0.3 | – | – | 2.7 |
| Food | 0.3 | 0.3 | 0.0 | 0.5 | 0.2 | – | – | 2.6 |
| Food at home | 0.3 | 0.3 | -0.1 | 0.6 | 0.3 | – | – | 1.9 |
| Food away from home | 0.3 | 0.4 | 0.3 | 0.3 | 0.1 | – | – | 3.7 |
| Energy | -1.0 | 0.9 | -1.1 | 0.7 | 1.5 | – | – | 4.2 |
| Energy commodities | -2.4 | 1.0 | -1.9 | 1.7 | 3.8 | – | – | 1.2 |
| Gasoline (all types) | -2.6 | 1.0 | -2.2 | 1.9 | 4.1 | -2.1 | 3.0 | 0.9 |
| Fuel oil | 0.9 | 1.3 | 1.8 | -0.3 | 0.6 | – | – | 11.3 |
| Energy services | 0.4 | 0.9 | -0.3 | -0.2 | -0.7 | – | – | 7.4 |
| Electricity | 0.9 | 1.0 | -0.1 | 0.2 | -0.5 | – | – | 6.9 |
| Utility (piped) gas service | -1.0 | 0.5 | -0.9 | -1.6 | -1.2 | – | – | 9.1 |
| All items less food, energy | 0.1 | 0.2 | 0.3 | 0.3 | 0.2 | – | – | 2.6 |
| Commodities less food, energy | 0.0 | 0.2 | 0.2 | 0.3 | 0.2 | – | – | 1.4 |
| New vehicles | -0.3 | -0.3 | 0.0 | 0.3 | 0.2 | 0.1 | 0.2 | 0.6 |
| Used cars and trucks | -0.5 | -0.7 | 0.5 | 1.0 | -0.4 | 0.7 | 0.3 | 3.6 |
| Apparel | -0.4 | 0.4 | 0.1 | 0.5 | 0.7 | – | – | 0.2 |
| Medical care | 0.6 | 0.1 | 0.1 | -0.3 | -0.1 | – | – | 1.1 |
| Services less energy | 0.2 | 0.3 | 0.4 | 0.3 | 0.2 | – | – | 3.0 |
| Shelter | 0.3 | 0.2 | 0.2 | 0.4 | 0.2 | – | – | 3.0 |
| Transportation | -0.2 | 0.2 | 0.8 | 1.0 | 0.3 | – | – | 1.7 |
| Medical care | 0.2 | 0.6 | 0.8 | -0.1 | 0.3 | – | – | 3.3 |
*In 2025, pricing information for October and November was limited because a lapse in appropriations halted data collection, leaving typical month-over-month changes unavailable.
The BLS releases inflation data around the middle of the month, covering consumer prices surveyed up to the previous month. The Consumer Price Index (CPI) for December and the latest annual period will be made public on January 13, 2026.
The CPI data is also used to calculate inflation rates and power this site’s U.S. Inflation Calculator, which displays the cumulative inflation and the change in the buying power of the U.S. dollar over time.
