Consumer Price Index predicted to show month-over-month rise

Preliminary estimates of the November Consumer Price Index (CPI) provide an idea of what to expect in the upcoming report. November’s report is scheduled to be released Friday, Dec. 10 by the U.S. Bureau of Labor Statistics.

Estimates suggest the November index will increase by 0.7 percent, up but just lower than October’s 0.9 percent climb.

Over the course of the year, a small selection of items have contributed to much of the price increases seen in the Consumer Price Index, as noted in an article by the Center for Economic Policy and Research. 

Items that contributed to the general increase seen in the index include used and new vehicles, each adding to the inflation rate and core index. Among durable goods: televisions. The price of televisions has experienced a sharp decline over the past few decades, but in a change of pace saw higher prices in 2021. According to the same article, if this change continues and occurs for other durable goods, the U.S. will see substantially lower inflation in 2022.

Energy has risen a sharp 30.0 percent in 2021. Gas itself rose 49.6 percent. The rise is credited in part to lowered prices in the middle of COVID-19 restrictions and lockdowns, though October prices soared above pre-COVID levels.

Included in the energy index is oil, prices for the commodity seeing a notable decline over the last month. The article notes the decline for oil is likely too recent to show up in the energy index, but is expected to have leveled off in November with prices starting to show a decrease over the month of December.