Tonight's CPI Preview: Data distortion is relatively high, reference value is limited

The U.S. Bureau of Labor Statistics (BLS) will release the CPI data for November on December 18. Due to the previous U.S. government shutdown, from October 1 to November 12, the BLS was unable to complete the price data collection as per the usual process, resulting in missing overall CPI data for October and month-on-month data for November, with almost all sub-item month-on-month data also absent. Therefore, the market generally believes that the reference value of the November CPI data is limited, and the focus will quickly shift to the December inflation data.

Currently, the market expects the November CPI year-on-year to be 3.1%, and the core CPI year-on-year to be 3.0%, continuing the moderate rebound trend observed since mid-year.