The U.S. November CPI fell to 7.1% more than expected, the dollar fell, and U.S. stocks rose sharply

According to data released by the U.S. Bureau of Labor Statistics on December 13, the U.S. CPI grew by 7.1% year-on-year in November, slightly lower than market expectations and the lowest year-on-year growth rate since December 2021. The previous value was 7.7%. The core CPI of the United States in November increased by 6% year-on-year, which was also slightly lower than market expectations, and the previous value was 6.3%.

U.S. November CPI data released, US dollar index once dived to 103.6, an intraday drop of more than 1.2%; US stock futures rose sharply, Nasdaq futures rose over 3.9%, S&P 500 index Futures rose more than 2.9%, and Dow futures rose 2.2%.

U.S. stocks After opening , opened higher and moved higher. As of press time, the Nasdaq rose by more than 3.3%, the S&P 500 rose by more than 2.5%, and the Dow rose by more than 1.8%.

At the same time, interest rate futures data show that the current market expects that the probability of FOMC raising interest rates by 50 basis points in December has risen to about 80%. The

data shows that the housing index is the largest contributor to the month-on-month increase in the CPI in November, and its magnitude exceeds the hedging brought about by the decline in the energy index. At the same time, the food price index rose by 0.5% month-on-month, of which the household food price index also rose by 0.5%. The energy index fell by 1.6% month-on-month, of which the gasoline index fell by 2% month-on-month in November and rose by 4% month-on-month in October; the natural gas index continued to fall by 3.5% in November after falling by 4.6% month-on-month in October; the electricity index fell by 0.2% month-on-month.

Year-on-year, the overall energy price index rose by 13.1% year-on-year in November, lower than the 17.6% increase in October. Among them, the gasoline index rose by 10.1% year-on-year, and the fuel index rose by 65.7% year-on-year. The power index rose by 13.7% year-on-year, and the natural gas index rose by 15.5% year-on-year; and all fell back.

In terms of food prices, the food price index rose by 0.5% month-on-month in November, lower than the 0.6% increase in October. Among them, the household food price index increased by 0.5% from the previous month and , accompanied by a month-on-month increase in 4 of the 6 major grocery food sub-indices. On a year-on-year basis, the food price index rose by 10.6% year-on-year in November. Among them, the household food index increased by 12%, and the food price index outside the household increased by 8.5%.

In November, the core CPI excluding food and energy rose 0.2% month-on-month, down from 0.3% in October and the smallest increase since August 2021. Among them, housing, communications, entertainment, motor vehicle insurance, education and clothing indexes rose. Indices that fell in November included used cars and trucks, health care and air fares.

Looking specifically at the core CPI, the housing index continued to rise, rising by 0.6% month-on-month in November. The rent index rose by 0.8% month-on-month, and the owner's equivalent rent (OER) index rose by 0.7% month-on-month.