U.S. consumer prices posted only a mild increase over the period from September to November, according to new data released Thursday by the Labor Department.
The report showed that the consumer price index rose by 0.2% across the two-month span, pointing to a slowdown in overall price momentum.
On a year-over-year basis, inflation eased to 2.7% in November, down from 3.0% in September. Economists had been expecting annual inflation to edge higher to around 3.1%, making the decline an unexpected development.
Core inflation, which excludes food and energy costs, also moderated over the same period. The annual rate fell to 2.6% in November from 3.0% in September, despite forecasts calling for no change.
The Labor Department added that it did not collect survey data for October 2025 because of the federal government shutdown.