The Seasonally Adjusted CPI Was 0.2044% Higher In November Than September (but there was spotty data collection during the government shutdown)

There was no report for October due to the government shutdown.

Here are the changes in the seasonally adjusted CPI for the six months ending in Sept: 

April 0.2209%

May  0.0810%

June 0.2870%

July 0.1966%

Aug 0.3825%

Sept. 0.3105

 

The last decline was March 2025 when it was -0.0500%. Before that it was June 2024 when it was -0.0029%.

 

See Consumer Price Index for All Urban Consumers: All Items in U.S. City Average from FRED (Federal Reserve Economic Data) compiled by the Research Division at the Federal Reserve Bank of St. Louis for data on the seasonally adjusted CPI.

 

That site shows a graph but if you click on the Download button you will get the actual numbers in Microsoft Excel.

 

The Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (CPIAUCSL) was 325.031 in Nov. and 324.368 in Sept. Since 325.031/324.368 = 1.002044, that means it was up 0.2044% over the two months. If we went up that much every 2 months for 12 months it would be up 1.23%.

 

It was 316.449 in Nov. 2024. Since 325.031/316.449 = 1.0271, that means it was up 2.71% over the last 12 months. 

 

The non-seasonally adjusted CPI was 324.122 in Nov. and 315.493 in Nov. 2024. That was up 2.735%. So pretty close to the seasonally adjusted CPI. This is still above the Fed's target of 2.0% (although they prefer to use the Personal Consumption Expenditures Price Index which was 2.8% higher in Sept. 2025 than Sept. 2024).

 

For more information see Here’s the inflation breakdown for November 2025 — in one chart by Greg Iacurci of CNBC. Excerpts:   

"Inflation slowed unexpectedly in November, as a deceleration across a range of consumer products outweighed price pressures in categories like gasoline — but economists said the numbers should be interpreted with caution due to spotty data collection during the government shutdown.

The consumer price index, a key inflation barometer, rose 2.7% in November from a year earlier, the Bureau of Labor Statistics reported Thursday.

That was a slowdown from a 3% inflation rate in September, the last month of available data, and came in lower than expected."

"So-called “core” goods inflation — i.e., physical goods minus those tied to food and energy — fell to 1.4% in November from 1.5% in September, according to the Bureau’s report."

The article also discusses what types of products are going up in price and what is going down. There is a graph of the monthly year-over-year percent change in prices and core prices going back almost 4 years. 

Other related links:

 

Consumer Price Index for All Urban Consumers: All Items Less Food and Energy in U.S. City Average (CPILFESL) This is also from from FRED (Federal Reserve Economic Data), compiled by the Research Division at the Federal Reserve Bank of St. Louis. It has the seasonally adjusted core CPI.

 

Consumer Price Index Data from 1913 to 2025

 

Personal Consumption Expenditures Price Index 

 

The Bureau of Labor Statistics makes seasonal adjustments. See Consumer Price Index Summary.

 

The table below has the annual inflation rate since 1914 in the columns labeled CPI %Ch. or CPI percentage change. It is from Consumer Price Index Data from 1913 to 2025 and is not seasonally adjusted. It is also the December to December change in the CPI. That site also looks at how the 12 month average for the CPI changed from one year to the next.

 

Year	CPI %Ch.		Year	CPI %Ch.		Year	CPI %Ch.		Year	CPI %Ch.
1914	1		1944	2.3		1974	12.3		2004	3.3
1915	2		1945	2.2		1975	6.9		2005	3.4
1916	12.6		1946	18.1		1976	4.9		2006	2.5
1917	18.1		1947	8.8		1977	6.7		2007	4.1
1918	20.4		1948	3		1978	9		2008	0.1
1919	14.5		1949	-2.1		1979	13.3		2009	2.7
1920	2.6		1950	5.9		1980	12.5		2010	1.5
1921	-10.8		1951	6		1981	8.9		2011	3
1922	-2.3		1952	0.8		1982	3.8		2012	1.7
1923	2.4		1953	0.7		1983	3.8		2013	1.5
1924	0		1954	-0.7		1984	3.9		2014	0.8
1925	3.5		1955	0.4		1985	3.8		2015	0.7
1926	-1.1		1956	3		1986	1.1		2016	2.1
1927	-2.3		1957	2.9		1987	4.4		2017	2.1
1928	-1.2		1958	1.8		1988	4.4		2018	1.9
1929	0.6		1959	1.7		1989	4.6		2019	2.3
1930	-6.4		1960	1.4		1990	6.1		2020	1.4
1931	-9.3		1961	0.7		1991	3.1		2021	7
1932	-10.3		1962	1.3		1992	2.9		2022	6.5
1933	0.8		1963	1.6		1993	2.7		2023	3.4
1934	1.5		1964	1		1994	2.7		2024	2.9
1935	3		1965	1.9		1995	2.5
1936	1.4		1966	3.5		1996	3.3
1937	2.9		1967	3		1997	1.7
1938	-2.8		1968	4.7		1998	1.6
1939	0		1969	6.2		1999	2.7
1940	0.7		1970	5.6		2000	3.4
1941	9.9		1971	3.3		2001	1.6
1942	9		1972	3.4		2002	2.4
1943	3		1973	8.7		2003	1.9

 

Here is a timeline graph of this data: