The annual inflation in the US is expected to have risen to 3.1% in November 2025, which would mark the highest level since May 2024, up from 3.0% in September. Core inflation is forecast at 3.0%, unchanged from the September reading. The November CPI report was delayed by nearly a week, while the October report was cancelled altogether due to the government shutdown, as the Bureau of Labor Statistics was unable to retroactively collect the necessary data. As a result, there are doubts about the completeness of the November release. The BLS has said it will not publish one-month percentage changes for headline or core CPI for November 2025 where the October 2025 data are missing.

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