U.S. Inflation Numbers Show Mixed Signals Ahead of November

The U.S. inflation numbers for November presented a mixed picture, showing the annual headline rate at 0.4 percentage points lower than expected. However, caution is warranted, as this report is the first consumer price index released by the Bureau of Labor Statistics since the U.S. government shutdown ended.

October's data was lost due to the agency's inability to retroactively collect it, and the BLS noted that November's CPI did not include one-month percent changes for November 2025 due to missing October data.

Additionally, survey data were carried forward from September 2025. Evercore ISI's Krishna Guha pointed out that it appears the BLS reported zero inflation in multiple categories when calculating housing inflation in certain cities, indicating that the report may be unreliable.

Despite this uncertainty, investors reacted positively, buoyed by the CPI report and a notable 10.2% surge in Micron shares following an earnings report that exceeded expectations, leading to gains in major indexes.

CNBC's Sean Conlon contributed to this report.