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,

Yet the soft release is unlikely to have much significance for the Federal Open Market Committee. At this week’s post-decision press conference, Fed chair Jay Powell signalled that rate-setters were expecting November inflation figures to come in weak.

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.