November 2025
Released December 18, 2025
Consumer Price Index inflation
Nov 2024 to Nov 2025
Consumer Price Index inflation
Sep 2025 to Nov 2025
Change in real average weekly earnings
Sep 2025 to Nov 2025
Consumer Price Index
From September 2025 to November 2025:
- Headline CPI-U inflation was 0.20 percent.
- Food price inflation was 0.06 percent.
- Energy price inflation was 1.08 percent.
- Core CPI-U inflation was 0.16 percent.
From November 2024 to November 2025:
- Headline CPI-U inflation was 2.74 percent.
- Food price inflation was 2.65 percent.
- Energy price inflation was 4.24 percent.
- Core CPI-U inflation was 2.63 percent.
Note: Core CPI-U excludes food and energy.
Table 1. Consumer Price Index inflation
| Nov 2025 | Sep 2025 | Chg. from Sep 2025 | Nov 2024 | Chg. from Nov 2024 | |
|---|---|---|---|---|---|
| Month-over-month inflation | |||||
| Consumer Price Index | 0.20% | 0.31% | -0.11pp | 0.28% | -0.08pp |
| Core Consumer Price Index | 0.16% | 0.23% | -0.07pp | 0.29% | -0.13pp |
| Food Consumer Price Index | 0.06% | 0.25% | -0.19pp | 0.32% | -0.26pp |
| Energy Consumer Price Index | 1.08% | 1.51% | -0.43pp | 0.09% | 0.99pp |
| Year-over-year inflation | |||||
| Consumer Price Index | 2.74% | 3.01% | -0.27pp | 2.75% | -0.01pp |
| Core Consumer Price Index | 2.63% | 3.02% | -0.39pp | 3.32% | -0.69pp |
| Food Consumer Price Index | 2.65% | 3.11% | -0.46pp | 2.38% | 0.27pp |
| Energy Consumer Price Index | 4.24% | 2.85% | 1.39pp | -3.18% | 7.42pp |
Table 2. Cleveland Federal Reserve forecast
| Cleveland Fed forecast | Actual | Forecast error | |
|---|---|---|---|
| Month-over-month inflation | |||
| Consumer Price Index | 0.32% | 0.20% | 0.12pp |
| Core Consumer Price Index | 0.25% | 0.16% | 0.09pp |
| Year-over-year inflation | |||
| Consumer Price Index | 2.99% | 2.74% | 0.26pp |
| Core Consumer Price Index | 2.95% | 2.63% | 0.32pp |
Real earnings
From September 2025 to November 2025:
For all employees on private nonfarm payrolls:
- Real average weekly earnings 0.66 percent.
- Real average hourly earnings 0.35 percent.
For production and nonsupervisory employees on private nonfarm payrolls:
- Real average weekly earnings 0.54 percent.
- Real average hourly earnings 0.60 percent.
Note: “Real” measures are those adjusted for inflation.
Note: Weekly earnings are a better estimate of income than hourly earnings because they take into account the amount of hours worked.
Table 3. Change in real earnings
| Nov 2025 | Sep 2025 | Chg. from Sep 2025 | Nov 2024 | Chg. from Nov 2024 | |
|---|---|---|---|---|---|
| Month-over-month change | |||||
| All employees | |||||
| Real weekly earnings | 0.66% | -0.12% | 0.78pp | 0.09% | 0.57pp |
| Real hourly earnings | 0.35% | -0.09% | 0.44pp | 0.09% | 0.26pp |
| Production and non-supervisory | |||||
| Real weekly earnings | 0.54% | 0.17% | 0.37pp | -0.25% | 0.79pp |
| Real hourly earnings | 0.60% | -0.20% | 0.80pp | 0.10% | 0.50pp |
| Year-over-year change | |||||
| All employees | |||||
| Real weekly earnings | 0.78% | 0.69% | 0.09pp | 1.11% | -0.33pp |
| Real hourly earnings | 0.80% | 0.71% | 0.09pp | 1.35% | -0.55pp |
| Production and non-supervisory | |||||
| Real weekly earnings | 1.42% | 0.78% | 0.64pp | 0.93% | 0.49pp |
| Real hourly earnings | 1.11% | 0.71% | 0.40pp | 1.54% | -0.43pp |
Upcoming releases
| Date | Time | Release | Data source |
|---|---|---|---|
| Dec 23 | 08:30 AM | Monthly GDP Update, Q3 2025 Initial Estimate | Bureau of Economic Analysis |
Notes
Source: Bureau of Labor Statistics; JEC Republicans calculations
“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year
Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.
Due to the lapse in appropriations, the BLS did not publish data for October 2025. As a result, the “month-over-month change” values for November 2025 show the change from September 2025 to November 2025.