Consumer prices rose 2.7% in November compared to a year earlier, marking a notable reduction from 3% year-over-year inflation in September, the most recent month for which complete data is available. Inflation stands at its lowest level since July.

White House official calls November CPI report 'blockbuster' as inflation rises less than expected, though stops short of declaring victory on prices.

The latest Consumer Price Index was below what economists had expected and likely reflects what they called distortions caused by the government shutdown.

Consumer prices rose 2.7% in November from a year earlier, according to a delayed government report, slowing from 3% in September.

The Bureau of Labor Statistics' November Consumer Price Index report shows that inflation increased by 2.7% on a year-over-year basis. NBC News' Brian Cheung and Investopedia Editor-in-Chief Caleb Silver break down the numbers in the first inflation report released since the government shutdown.

Inflation fell to its lowest in years in November, according to one important measure. But it may not be all it appears.

Harvard economist calls the latest inflation report "positive news" as the rate falls to 2.7%, surprising analysts who expected it to stay above 3%.

September’s inflation data, released during the shutdown, showed that inflation rose to 3% that month, a slight increase from August’s rate of 2.9%. Prices for housing, airline tickets, recreation, household furnishings and apparel all increased measurably.