That's quite a bit slower than the 3.1% for both headline and core that the Bloomberg survey found and slower than the 2.99% and 2.95% that the Cleveland Fed's inflation Nowcast was looking for.
From the Bureau of Labor Statistics, December 18:
CONSUMER PRICE INDEX - NOVEMBER 2025
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis over the 2 months from September 2025 to November 2025, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.7 percent before seasonal adjustment. BLS did not collect survey data for October 2025 due to a lapse in appropriations.
The seasonally adjusted index for all items less food and energy rose 0.2 percent over the 2 months ending in November.
From September to November, the index for shelter increased 0.2 percent. The energy index rose 1.1 percent over the same 2-month period and the food index increased 0.1 percent. Other indexes which increased over the 2 months ending in November include household furnishings and operations, communication, and personal care. In contrast, the indexes for lodging away from home, recreation, and apparel decreased over the same 2-month period.
The all items index rose 2.7 percent for the 12 months ending November, after rising 3.0 percent over the 12 months ending September. The all items less food and energy index rose 2.6 percent over the last 12 months. The energy index increased 4.2 percent for the 12 months ending November. The food index increased 2.6 percent over the last year.BLS did not collect survey data for October 2025 due to a lapse in appropriations. BLS was unable to retroactively collect these data. For a few indexes, BLS uses nonsurvey data sources instead of survey data to make the index calculations. BLS was able to retroactively acquire most of the nonsurvey data for October. CPI data collection resumed on November 14, 2025.
Additional information about the impact of the shutdown on CPI data is available online at https://www.bls.gov/cpi/additional-resources/2025-federal-government-shutdown-impact-cpi.htm
....MUCH MORE including tables, discussion.
December 17 - Ahead of Tomorrow's CPI Report, The Cleveland Fed's Inflation Nowcast
