November 2025 | Released December 18, 2025

+2.74 percent
Consumer Price Index inflation
Nov 2024 to Nov 2025

+0.20 percent
Consumer Price Index inflation
Sep 2025 to Nov 2025

+0.66 percent
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.