Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today
The U.S. inflation numbers in November looked supremely encouraging, with the annual headline rate coming in 0.4 percentage points less than expected. But don’t get too happy about them yet.
It’s the first consumer price report released by the Bureau of Labor Statistics since the U.S. government shutdown ended: October’s figures vanished into the void because the agency was “unable to retroactively collect these data.”
The BLS added that November’s CPI “did not include 1-month percent changes for November 2025 where the October 2025 data are missing.” It also said that certain survey data were “carried forward to October 2025 from September 2025.”
Evercore ISI’s Krishna Guha said it appears the BLS “put in zero inflation in multiple categories” when calculating housing inflation in some cities.
