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 core personal consumption expenditures price index, which excludes volatile food and energy prices, increased 0.1% for the month, and was up 3.2% from a year ago,

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

On a six-month basis, core PCE…