The PCE price index was up 0.1% in November and 2.4% from a year earlier. Economists expected a 0.2% monthly rise and 2.5% annual gain.

The personal consumption expenditures (PCE) price index rose a less-than-expected 0.1% in November, marking a cooler inflation picture than October's unrevised 0.2% gain, and, combined with solid but disappointing consumer spending,

The Federal Reserve’s favored measure of inflation showed prices increased 0.1% in November and 2.4% over the past 12 months, the Commerce Department said Friday.