Consumer price inflation remained elevated in November, in line with expectations. The Consumer Price Index (CPI) was up 6.8% year-over-year in November, versus up 6.2% year-over-year in October. Core CPI (CPI less food and energy) was up 4.9% year-over-year in November, versus up 4.6% in October. Pricing pressures were widespread in November, with notable gains for energy, food, used cars and trucks, new vehicles, and rent. We project that supply chain bottlenecks will continue to put upward pressure on prices over the near-term but believe that inflation may be at or near a peak and should improve next year amid an improving global health backdrop.