Inflation in the United States was more moderate than analysts had anticipated in November, according to official data released this Thursday by the Department of Labor, albeit with a delay due to the partial shutdown of the federal government.
The CPI stands at 2.7% year-on-year
The Consumer Price Index (CPI) registered a year-over-year increase of 2.7% in November, a figure lower than the 3% observed in September, the last month with complete data available before the government shutdown.
This result also fell short of market expectations, as analysts had estimated a 3.1% increase in consumer prices over the past 12 months.
Underlying inflation is also showing a slowdown
Excluding volatile components such as food and energy, the so-called core inflation rate in the United States stood at 2.6% in November, reinforcing the perception of a moderation in inflationary pressures.
This indicator is key to assessing the real price trend and is closely watched by the Federal Reserve when setting its monetary policy.
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Limited impact of the tariffs imposed by Trump
In 2025, inflation partially rebounded following President Donald Trump’s decision to impose new tariffs on imported goods from U.S. trading partners, which raised costs for various businesses.
However, the impact on consumers was more moderate, as many companies anticipated the international price increases and bolstered their inventories before the tariffs took effect.
Additionally, several companies chose to absorb part of the cost increase, avoiding passing it on entirely to final prices.
Consumers still resent high prices
Despite the slowdown in the pace of growth, U.S. households continue to face high prices, especially for basic goods and services, which keeps pressure on purchasing power.
Experts warn that, although inflation has moderated, the overall price level remains high compared to previous years.
