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2.7% <br />2.6% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />4.0% <br />May-24 Nov-24 May-25 Nov-25 <br />Consumer Price Index <br />Year-over-year Change <br />CPI Core CPI <br />Gaps in data collection <br />led to a drop in headline <br />and core inflation <br />Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Bureau of Labor Statistics and Bloomberg Finance L.P. as of November 2025. <br />Fed Chair Powell: "The data may be distorted ... because [it] was not collected in October and half of November." <br />Price Increases For Key Goods <br />Energy <br />Apparel <br />Food at Home <br />Transportation <br />Home <br />Furnishings <br />3-Month Annualized Inflation Rates (Sep-25) <br />2024 3-Month <br />Average 2024 <br />+4.1%-0.9% <br />+5.3%+1.2% <br />+3.1%-1.2% <br />+3.2%+1.8% <br />+4.6%-0.5% <br />Inflation Moves Lower <br />City of San Leandro <br />For the Quarter Ended December 31, 2025 <br />Market Update <br />PFM Asset Management | pfmam.com 4 <br />Exhibit A <br />Resolution No. 2026-060