The annual inflation rate in the US increased for the second consecutive month, reaching 2.7% in November 2024 from 2.6% in October, matching market expectations.
US inflation accelerates again in November
The rise was partly attributed to low base effects from last year. Energy costs declined at a slower rate (-3.2% vs -4.9% in October), with smaller decreases in gasoline (-8.1% vs -12.2%) and fuel oil (-19.5% vs -20.8%), while natural gas prices rose by 1.8% (vs 2% prior). Food inflation accelerated (2.4% vs 2.1%), and price declines for new vehicles moderated (-0.7% vs -1.3%). Conversely, inflation eased for shelter (4.7% vs 4.9%) and transportation (7.1% vs 8.2%), while used car and truck prices continued to drop (-3.4%).
Monthly figures
On a monthly basis, the CPI rose 0.3%, its highest since April, slightly exceeding October's 0.2% and aligning with expectations. Shelter costs increased by 0.3%, accounting for nearly 40% of the monthly gain. Core CPI, excluding food and energy, rose by 0.3% month-on-month, maintaining the same pace as October and in line with forecasts. Annual core inflation also held steady at 3.3%. Core price trends showed consistency in commodities excluding food and energy (0.3% vs 0%), shelter (0.3% vs 0.4%), and stagnant costs for transportation services (vs 0.4% prior).
