The U.S. core personal consumption expenditure price index increased 1.9% year over year in November, higher than the 1.8% gain in October, the Commerce Department's Bureau of Economic Analysis reported.
The core PCE price index, which excludes food and energy, is the Federal Reserve's preferred gauge of inflation. The year-over-year rate is in line with the Econoday consensus estimate.
The PCE price index, which includes food and energy, rose 1.8% during the month, down from a 2.0% increase in the preceding month and also in line with the Econoday consensus forecast.
Month over month, the headline and core indexes both went up 0.1% in October.
Personal consumption expenditures grew 0.4% month over month in November following a revised 0.8% rise in October. Personal income edged up 0.2% after a 0.5% gain the previous month.
Personal outlays increased $56.6 billion and personal savings stood at $944.2 billion, according to the bureau.