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Inflation, as measured by the Consumer Price Index for all Urban Consumers (CPI-U), rose 2.7 percent nationwide over the 12 months ending in November ’24. Core inflation, which excludes the volatile food and energy categories, rose 3.3 percent during the same period. (Note: The CPI numbers reported here are not seasonally adjusted.)

The overall annual inflation rate, which had been falling since April, has increased the last two month. Still, the Fed is widely expected to announce another interest rate cut in its meeting on December 18. 

Housing, electricity, motor vehicle insurance, motor vehicle repairs, restaurant meals and other personal services saw the largest year-over-year price increases of three percent or more. Household furnishings, apparel, recreation, food at home (i.e. groceries), utility gas, and alcoholic beverages saw modest increases of two percent or less. Gasoline, airfare, and new and used vehicles saw price declines.

The next release of CPI data will be on Wednesday, January 15, 2025.

Prepared by Greater Houston Partnership Research

Patrick Jankowski
Chief Economist
Senior Vice President, Research
pjankowski@houston.org

Colin Baker
Manager of Economic Research
bakerc@houston.org