Inflation ticked higher again in November as prices remained stubbornly high for consumers, leaving Federal Reserve policymakers with fresh data to consider ahead of their meeting next week when another interest rate cut may be announced.

The Labor Department on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.3% in November while ticking up to 2.7% on an annual basis.

Those figures were in line with the expectations of economists polled by LSEG. Both the headline rate and monthly price growth figures were up compared with October's readings, which were 2.6% and 0.2%, respectively.

So-called core prices, which exclude more volatile measurements of gasoline and food to better assess price growth trends, were up 0.3% on a monthly basis in November and 3.3% from a year ago – both of which were unchanged from last month's readings.

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