US consumer prices jumped more than expected in November, rising 2.1% YoY - the biggest jump since Nov 2018.
Core CPI rose 2.3% YoY (slightly slower than the last 3 months), with Energy, Used Cars, and Shelter dominating the MoM gains.
The shelter index rose 0.3 percent in November. The index for rent also rose 0.3 percent, while the index for owners’ equivalent rent increased 0.2 percent over the month.
Increases in the indexes for medical care, for recreation, and for food also contributed to the overall increase
Perhaps most notably - given the fearmongering over Trump's tariffs destroying the consumer - Goods prices are showing a notable deceleration as services costs surge...
Nothing here to spook The Fed too much ahead of today's FOMC statement.
Additionally, consumers expect minimal price pressures over the longer term. The University of Michigan's measure long-term inflation expectations matched a record low in the preliminary December survey.