A deceleration in the Federal Reserve’s preferred inflation measure in November is a step forward in the central bank’s fight against elevated price growth, but it’s far from the end. Fed officials won’t overreact to one month of data,

Inflation reaccelerated in November by the measure preferred by policymakers at the Federal Reserve, but not as much as forecasters had expected.

The Personal Consumption Expenditures index climbed 2.4 percent from a year earlier, though the report’s details were more subdued than expected.