Inflation Is Slowing Down, PCE Data, the Fed’s Preferred Measure, Shows

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.