The November 2025 CPI release reported a 2.7 % annual rise in consumer prices, with food up ~2.6 % and energy up 4.2 % over the last year. Core (excluding food and energy) rose 2.6 % — driven by shelter (3 %) and medical services (3.3 %). Bureau of Labor Statistics But the CPI estimates for October 2025 were based partly on nonsurvey data due to the federal government shutdown, raising legitimate concerns about accuracy and potential understatement of real inflation pressures. Below, we infer impacts on Black and minority firms by linking price trends in key CPI categories to industries and geographies where Black and minority firms are disproportionately concentrated and where their customers spend. 2. Industry Breakout: How Inflation Pressures Hit Minority Firms Differently A. Retail & Consumer Services CPI Signals: Food pricing (especially food at home, meats, beverages) remains elevated. Used cars & transportation services have seen price ch...
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