The Fed's preferred inflation measure for November, the PCE index, came in below Wall Street estimates. However, it remains above where policymakers want it to be suggesting prices are still stubbornly high.

The core index that excludes energy and food items also came in 0.1% higher in November but the annual rate was unchanged at 2.8% and below the 2.9% estimate.

The latest reading of the Federal Reserve's preferred inflation gauge showed price increases fell month over month in November but still remained sticky as the central bank fights to bring inflation back down to its 2% target.