WASHINGTON – Today, the Joint Economic Committee released its Monthly Inflation Update for November. The headline Consumer Price Index (CPI-U) inflation fell to 2.74 percent year over year in November, below expectations of 3.0 percent. This is the biggest drop in U.S. inflation since March 2025. Core CPI, which excludes food and energy, was 2.63 percent year over year, the lowest since March 2021 and down from September’s rate of 3.01 percent. Over the two months between September and November, headline CPI rose slightly by 0.20 percent while core inflation rose by 0.16 percent.

Year over year, food price inflation was 2.65 percent, down by 0.46 percentage points from September, and energy price inflation was 4.24 percent, up by 1.39 percentage points from September. 

Regionally, from September to November, CPI inflation was the highest in the Northeast (no change at 3.1 percent) followed by the West and Midwest (both 3.0 percent and own slightly) and then the South with the lowest inflation of 2.2 percent, down from 2.7 percent in September.

Inflation-adjusted real wages for all employees on private nonfarm payrolls ended the two-month period with increases in both weekly earnings (0.66 percent) and hourly earnings (0.35 percent).

For the full update, visit: https://www.jec.senate.gov/public/index.cfm/republicans/inflation-update

###