美国11月核心CPI同比涨2.6%，创2021年以来最低增速，通胀降温信号显现

Core Insights - The core Consumer Price Index (CPI) for November increased by 2.6% year-over-year, down from 3% two months prior, indicating a slowdown in inflationary pressures [1] - The overall CPI for November rose by 2.7% year-over-year, marking the slowest potential inflation growth since early 2021 [1] - The report reflects a complex situation due to the government shutdown, which hindered data collection for October and limited the ability to assess broader inflation indicators [1][2] Inflation Trends - Core CPI increased by 0.2% month-over-month, primarily influenced by declines in hotel accommodations, entertainment, and clothing costs, while prices for household goods and personal care products rose [1] - Excluding food and energy, commodity prices rose by 1.4% year-over-year, slightly down from 1.5% in August and September [3] - New car prices increased by 0.2%, following a slight increase of 0.1% the previous month, while the growth rate for used car prices has slowed [4] Federal Reserve Considerations - The CPI report's impact on Federal Reserve policymakers remains uncertain, as they continue to have differing views on interest rate direction for the upcoming year [2] - Federal Reserve Chairman Jerome Powell noted that the CPI data may have been distorted due to the government shutdown, which affected data collection [2] - Powell anticipates that commodity inflation will peak in the first quarter, assuming no new significant tariff measures are introduced [5] Housing and Services Impact - Service prices, excluding energy, rose by 3% year-over-year, with airline tickets and hotel accommodation prices decreasing compared to the previous year [5] - Housing costs, a major driver of inflation, increased by 3% year-over-year, representing the smallest increase in over four years [5] - The CPI relies on extensive field visits to collect prices from thousands of goods, with about 60% of the sample gathered through in-person visits [5]