The Labor Department announced on Wednesday the U.S. consumer price index (CPI) rose 0.3 percent m-o-m in November after an unrevised 0.4 percent m-o-m gain in the previous month.

Over the last 12 months, the CPI rose 2.1 percent y-o-y last month, following an unrevised 1.8 percent m-o-m climb in the 12 months through October. That was the highest annual inflation since November 2018.

Economists had forecast the CPI to increase 0.2 percent m-o-m and 2.0 percent y-o-y in the 12-month period.

According to the report, gains in the shelter (+0.3 percent m-o-m) and energy (+0.8 percent m-o-m) indexes were major factors in the seasonally adjusted monthly increase of the all items index. Advances in the indexes for medical care (+0.3 percent m-o-m), for recreation (+0.4 percent m-o-m), and for food (+0.1 percent m-o-m) also contributed to the overall rise.

Meanwhile, the core CPI excluding volatile food and fuel costs advanced 0.2 percent m-o-m in November, the same pace as in the previous month.

In the 12 months through November, the core CPI rose 2.3 percent, the same pace as in the 12 months ending October.

Economists had forecast the core CPI to rise 0.2 percent m-o-m and 2.3 percent y-o-y last month.