The U.S. core personal consumption expenditures price index, the Federal Reserve's favored measure of inflation, rose 1.6% year over year in November after the prior month's reading was revised up to 1.7%, data from the Bureau of Economic Analysis showed.

The latest print matched the Econoday consensus estimate for November.

The headline PCE price index was up 1.5% year over year in November, up from a revised growth rate of 1.4% in October.

On a monthly basis, the core PCE price index, which excludes food and energy, edged 0.1% higher in November following the same pace of growth in the previous month.

The headline PCE price index was up 0.2% month over month in November after advancing by the same pace in October.

Earlier in the day, the third estimate from the Bureau of Economic Analysis confirmed third-quarter U.S. GDP growth at 2.1%, an acceleration from a 2% growth rate in the second quarter.

Meanwhile, current-dollar personal income rose 0.5% on a monthly basis in November after the prior month's reading was revised to reflect a 0.1% increase.

Personal outlays increased $68.6 billion, while personal savings came in at $1.31 trillion in November.

On Dec. 11, data from the U.S. Bureau of Labor Statistics showed that the core consumer price index remained steady at 2.3% in November as the Federal Reserve prepared to take a break from cutting interest rates.

The Fed was unanimous in its decision to hold its target for the federal funds rate steady at its December meeting, which followed three rate cuts in 2019.

Fed officials now see core PCE inflation ending the year at 1.6%, which is down from their September projection that inflation would rise by 1.8% in 2019. They also see inflation rising to 1.9% in 2020 and returning to 2% in 2021.