Annual inflation cooled to 3.1 percent in November, down slightly from 3.2 percent in October.
According to consumer price index figures released by the US Bureau of Labor Statistics on Tuesday, the indicator rose by 0.1 percent on a monthly basis compared to October.
It comes a day before the Federal Reserve's final monetary policy announcement for the year.
Annual inflation cooled to 3.1 percent in November, down slightly from 3.2 percent in October
The central bank is expected to keep interest rates steady – but investors will be watching inflation data for clues as to when the Fed might start cutting rates next year.
Markets are pricing in significant interest rate cuts by central banks in 2024 and see about a 50 percent chance that the Fed's first rate cut will come as early as March, according to the CME's Fedwatch tool.
Economists polled by Dow Jones expected prices to remain unchanged over the month and the annual rate to fall to 3.1 percent.
This is breaking news. Updates to follow.