Consumer prices in the U.S. crept slightly higher in the month of November, according to a closely watched report released by the Commerce Department on Friday.
The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in November after rising by 0.2 percent in October. Economists had expected prices to increase by another 0.2 percent.
The annual rate of growth by the PCE price index accelerated to 2.4 percent in November from 2.3 percent in October, slightly slower than 2.5 percent jump economists had expected.
Excluding food and energy prices, the core PCE price index also edged up by 0.1 percent in November after climbing by 0.3 percent in October. Economists had expected core prices to rise by 0.2 percent.
The annual rate of growth by the core PCE price index in November came in at 2.8 percent, unchanged from October, while economists had expected an acceleration to 2.9 percent.
The inflation readings, which are preferred by the Federal Reserve, were included in a report on personal income and spending.
The report said personal income rose by 0.3 percent in November after climbing by an upwardly revised 0.7 percent in October.
Economists had expected personal income to rise by 0.4 percent compared to the 0.6 percent increase originally reported for the previous month.
Meanwhile, personal spending climbed by 0.4 percent in November after rising by a downwardly revised 0.3 percent in October.
Economists had expected personal spending to grow by 0.5 percent compared to the 0.4 percent advance originally reported for the previous month.
At 10 am ET, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of December. The consumer sentiment index for December is expected to be unrevised from the preliminary reading of 74.0, which was up from 71.8 in November.