US inflation slowed more than expected in November, with the data compared against September levels due to the absence of October figures following the government shutdown.
Headline CPI eased from 3.0% yoy to 2.7%, undershooting expectations for a pickup to 3.1%. Core CPI also surprised to the downside, slowing from 3.0% yoy to 2.6% , well below forecasts for no change at 3.0%.
The broad-based moderation reinforces the view that underlying inflation pressures are easing faster than previously anticipated. Within the components, energy prices rose 4.2% yoy, while food prices increased 2.6% yoy.
