Annual U.S. inflation slowed further below 3% in November and underlying price pressures continued to abate, which could cement financial market expectations for an interest rate cut next March, Reuters reported. The personal consumption expenditures (PCE) price index, fell 0.1% last month after being unchanged in October, the Commerce Department reported on Friday. Year on year, the PCE index increased 2.6% after rising 2.9% in October. October was the first since March 2021 that the annual PCE price index was below 3%. Excluding the volatile food and energy components, the PCE price index rose 0.1% in November, matching December's gain. The so-called core PCE price index advanced 3.2% year-on-year in November, the smallest rise since April 2021, after increasing 3.4% in October.
