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Consumer and producer prices have fallen from 2022 peaks, but inflation remains above the Federal Reserve’s target.

Kena Betancur/Getty Images

Inflation is slowing, but consumers aren’t spending as much as hoped this holiday season, data showed Friday.

The core personal-consumption expenditures price index, or PCE deflator, was up 0.2% in November and 4.7% from a year ago, in line with what economists had forecast, according to FactSet. That compares with a 5% year-over-year rise in October. The index is the Federal Reserve’s preferred gauge of inflation.


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