Inflation comes in lower than expected in November

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis over the 2 months from September 2025 to November 2025, the U.S. Bureau of Labor Statistics (BLS) reported Thursday. Over the last 12 months, the all items index increased 2.7% before seasonal adjustment. BLS did not collect survey data for October 2025 due to a lapse in appropriations.

“Credit unions have a unique vantage point to see how their members are faring in times of economic uncertainty, and right now decreased inflation for housing is a welcome sign for consumers looking to stretch their budgets. Both Headline and core inflation came in lower than expected in November, with commodity prices excluding food and energy stabilizing and services declining relative to September,” said America’s Credit Unions Senior Economist Dawit Kebede. “Housing inflation, a major component of services, came in unusually low over the last two months, raising questions about accuracy and potential distortions in the estimates due to the lapse in appropriations – concerns that the Federal Reserve Chairman Jerome Powell has also noted with caution. Despite these encouraging figures, market assessments of the probability of a January rate cut have remained largely unchanged following the report.”