The November Consumer Price Index (CPI) came in as expected, with the monthly and annual headline and core all equaling median forecasts. The all-item CPI rose +0.3% last month, while the annual pace of inflation rose from +2.6% to +2.7%. Core CPI increased by +0.3% in November and held steady at +3.3% for the year. Shelter costs, the most stubborn of the inflationary components, was up +0.3% for the month and +4.7% year-over-year. Despite the smallest annual gain in nearly four years, shelter contributed roughly 40% to the overall increase.

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