The Consumer Price Index (CPI) rose 1.9% on a year-over-year basis in November, down from a 2.0% increase in October. Slower price growth was broad-based, with prices for travel tours and the mortgage interest cost index contributing the most to the deceleration. Excluding gasoline, the all-items CPI rose 2.0% in November, following a 2.2% gain in October.
Prices for food purchased from stores rose 2.6% year over year in November, down slightly from 2.7% in October. Despite the slowdown, grocery prices have remained elevated. Compared with November 2021, grocery prices rose 19.6%. Similarly, while shelter prices eased in November, prices have increased 18.9% compared with November 2021.
On a monthly basis, the CPI was unchanged in November, following a 0.4% increase in October. On a seasonally adjusted monthly basis, the CPI rose 0.1%.
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