November's CPI will not include the typical one-month change since most indices will not be published for October. A short-term look will be available by the two-month change in prices. We estimate headline CPI rose by 0.45% between September and November. This would leave the 3-month annualized and 12-month change in CPI running at 3.1% and 3.0%, respectively .

Gasoline prices point to overall energy inflation being modest, even accounting for some anticipated firming in energy services. We do not expect the recent pace of deflation in energy services to last with utilization and, more recently, natural gas prices beginning to climb. Food inflation, on the other hand, looks set to ease soon. The November CPI report will be too early to catch the small disinflationary effects of select food tariff rollbacks (e.g., bananas and coffee), but we see food price growth cooling more broadly amid the recent retreat in food-related commodities. #cpi #usa $BTC $ETH $SOL