Inflation ticked up to 2.8% in November in Fed’s preferred gauge

Inflation rose one-tenth of a percentage point to 2.8% for the year ending in November 2025, the Bureau of Labor Statistics reported Thursday in an update to the personal consumption expenditures index, which is the Federal Reserve’s preferred inflation gauge.

Thursday’s report is the last the Fed will receive before it votes on interest rates next week.

Thursday’s report includes data for both October and November, unusually, because the government shutdown prevented the scheduled release of key economic reports.

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The report shows that inflation is still proving stubborn, as voters continue to cite the cost of living and affordability as their main concerns. Rising inflation is bad for President Donald Trump‘s approval ratings and the political prospects of the