Fed's favorite inflation gauge shows prices rose at 3.2% annual rate in November, less than expected

A gauge the Federal Reserve uses for inflation rose slightly in November and edged closer to the central bank’s goal.

The personal consumption expenditures price index increased 0.1% for the month, and was up 3.2% from a year ago, the Commerce Department reported Friday.

Economists surveyed by Dow Jones had been expecting respective increases of 0.1% and 3.3% respectively.

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