Consumer prices in the U.S. increased in line with economist estimates in the month of November, according to a report released by the Commerce Department on Thursday.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in November, matching the growth seen in October along with economist estimates.
The annual rate of growth by the PCE price index ticked up to 2.8 percent in November from 2.7 percent in October, which was also in line with expectations.
Excluding food and energy prices, the core PCE price index still rose by 0.2 percent in November, matching the increases seen in October as well as economist estimates.
The annual rate of growth by the core PCE price index crept up to 2.8 percent in November from 2.7 percent in October, which was also in line with expectations.
The Federal Reserve's preferred readings on consumer price inflation were included in the Commerce Department's report on personal income and spending.
The report said personal income rose by 0.3 percent in November after inching up by 0.1 percent in October. Economists had expected personal income to increase by 0.4 percent.
Disposable personal income, or personal income less personal current taxes, also rose by 0.3 percent in November following a 0.1 percent uptick in October.
The Commerce Department said personal spending climbed by 0.5 percent in November, matching the increase seen in October as well as expectations.
Meanwhile, the report said real personal spending, which excludes price changes, increased by 0.3 percent for the second straight month.
With spending climbing more than income, personal saving as a percentage of disposable personal income fell to 3.5 percent in November from 3.7 percent in October.