Inflation has grabbed headlines since 2020, climbing to the top of the list of concerns for many households globally. But while consumers only notice inflation when it hurts their wallets, organizations like the Federal Reserve monitor it continuously.

Last month's CPI was forecast to come in at 2.7%, according to economists surveyed by financial data firm FactSet. The Consumer Price Index, a basket of goods and services typically bought by consumers, tracks the change in those prices over time.

The mainstream media was giddy, and markets responded positively to the November CPI because every metric came in "as expected." But it wasn't a good report if you are hoping for relief from inflation.