· Services prices less energy rose the same modest 0.2% as in October. Shelter prices rose .05% (2.7% y/y), the weakest for any month in over a year. The rental equivalence price measure was unchanged m/m (2.3% y/y) and prices for lodging away from home fell (+6.1% y/y). Health care services rose 0.3% (5.0% y/y) but tuition & child care costs jumped 0.6% (6.8% y/y). Public transportation prices were strong for the second consecutive month and rose 2.4% (0.3% y/y).

· "Core" commodities price inflation eased to 0.1% from the 0.4% strength of October. Household furnishings & operation prices fell (+0.7% y/y) as did prices for used cars & trucks (+3.6% y/y). New motor vehicle prices rose 0.7% (0.3% y/y) and apparel prices ticked 0.1% higher (-0.2% y/y).

· Gasoline prices fell 1.8% (+31.0% y/y) but fuel oil prices were strong for seventh consecutive month, up 3.5% (38.3% y/y). Natural gas prices rebounded 2.4% (+6.8% y/y) after two months of decline.

· The chained CPI, which adjusts for shifts in the mix of consumer purchases, was unchanged. Similar to the PCE price deflator, core chain prices also were unchanged.

· "Are Home Prices the Next Bubble?" from the Federal Reserve Bank of New York can be found here.

Consumer Price Index

Nov

Oct

Y/Y

2003

2002

2001

Total 

0.2%

0.6%

3.6%

2.3%

1.6%

2.8%

 Total less Food & Energy

0.2%

0.2%

2.2%

1.5%

2.3%

2.7%

  Goods less Food & Energy

0.1%

0.4%

0.5%

-2.0%

-1.1%

0.3%

  Services less Energy

0.2%

0.2%

2.9%

2.9%

3.8%

3.7%

 Energy

0.2%

4.2%

19.0%

12.2%

-5.8%

3.7%

 Food

0.2%

0.6%

3.2%

2.1%

1.8%

3.1%

Chained CPI: Total (NSA)

0.0%

0.5%

3.1%

1.9%

1.3%

2.3%

 Total less Food & Energy

0.0%

0.4%

1.9%

1.1%

1.9%

 2.0%