COMPLICATED COOLING
12/18/2025 |
November CPI came in at 2.7% Y-o-Y, down from 3% in September (there was no October report), and core CPI was 2.6%, the lowest annual rate since 4/21. Great news but wait. The shutdown prevented data collection efforts from commencing until mid-November. Thus, more pre-Thanksgiving sales prices were in the data than normal and there are other anomalies. This is a good report, just maybe not quite that good.