U.S. CPI Rises 0.2% in November, Matches Expectations

U.S. consumer prices rose 0.2% in November, matching expectations and showing continued moderation in inflation, according to data released by the Bureau of Labor Statistics on January 22, 2026. The annual inflation rate held steady at 3.1%, consistent with forecasts and signaling a stable trend in price pressures. Core CPI, excluding food and energy, increased 0.2% month-over-month and 3.4% year-over-year, aligning with market estimates. Shelter costs rose 0.5% monthly, contributing significantly to the headline figure, while used car prices declined slightly. Energy prices dipped 0.1% as gasoline costs fell amid lower crude oil prices. The report supports the Federal Reserve’s stance on holding interest rates steady, with no immediate signals for rate cuts or hikes. Markets reacted calmly, with Treasury yields remaining near recent lows and equities trading flat. The data reinforces expectations of a soft landing for the U.S. economy, though labor market strength remains a key watchpoint.