The BLS released the November CPI report and CNBC’s Rick Santelli calls it “warm” but we call it troubling.
CONSUMER PRICE INDEX - NOVEMBER 2024
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in November, after rising 0.2 percent in each of the previous 4 months, 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.
The index for shelter rose 0.3 percent in November, accounting for nearly forty percent of the monthly all items increase. The food index also increased over the month, rising 0.4 percent as the food at home index
increased 0.5 percent and the food away from home index rose 0.3 percent. The energy index rose 0.2 percent over the month, after being unchanged in October.
The index for all items less food and energy rose 0.3 percent in November, as it did in each of the previous 3 months. Indexes that increased in November include shelter, used cars and trucks, household furnishings and operations, medical care, new vehicles, and recreation. The index for communication was among the few major indexes that decreased over the month.
The all items index rose 2.7 percent for the 12 months ending November, after rising 2.6 percent over the 12 months ending October. The all items less food and energy index rose 3.3 percent over the last 12 months. The energy index decreased 3.2 percent for the 12 months ending November. The food index increased 2.4 percent over the last year.
The best way to see this data is visually with the help of AI. Below are the price changes for November.
And below here is the 12 month unadjusted changes. Aside from energy, it’s all bad!
The Fed meets soon and markets anticipate a 1/4 point cut but we don’t see any reason for this to happen given the spike in inflation. Stay tuned, stay profitable and stay solvent….