By Ovunc Kutlu
ISTANBUL (AA) – The US Federal Reserve's preferred and most reliable inflation indicators softened in November, according to data released by the Commerce Department on Friday.
The personal consumption expenditures (PCE) price index rose 5.5% in November, but slowed down from the annual gain of 6.1% in October.
On a monthly basis, it increased just 0.1% in November, cutting pace from a 0.4% gain in October.
The core PCE price index, which excludes food and energy prices, rose 4.7% annually in November, also slowing down from 5% year-on-year gain in October.
On a monthly basis, the figure showed a gain of 0.2% in November, also decelerating from a 0.3% increase in October.
Both indexes are closely watched by the Fed, and softening data could pave the way for the central bank to take its foot off the throttle in rate hikes early next year.
The Fed raised interest rates by 50 basis points last week after it hiked rates by 75 basis points four consecutive times to fight high inflation.