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| November Consumer Prices (#1) - Dec. 15, 2005 |
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Summary
Earlier this morning, the Labor Department reported that overall consumer prices fell 0.6% during November, with the so-called "core" rate rising 0.2%. These compare with October, during which the overall and core rates both rose 0.2%.
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* Led by an 8.0% decline in energy prices, the Consumer Price Index fell 0.6% Index during November, versus the reported 0.2% rise for October.
* For the few of us who do not eat, heat or drive, the CPI's so-called "core" rate, which excludes food and energy, was reported to have risen 0.2% in November.
* It will be fun for a change to watch Wall Street bulls bull the overall rate instead of the core rate, the latter usually being the center of attention and spin!
As of the end of November, the overall CPI stood 3.5% higher than a year earlier. For the 12 months ended November 2004, the year-over-year increase was 3.6%.
Excluding food and energy, the CPI's year-over-year increase as the end of November 2005 was 2.1%. The 12-month change as of November 2004 was 2.2%.
I will publish a more detailed breakdown of import prices, the CPI and the PPI, after the November Producer Price Index is published next week.
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