The annual inflation rate cooled to 3.1 percent in November, down slightly from 3.2 percent in October.
On a monthly basis, the meter rose by 0.1 percent compared to October, according to consumer price index (CPI) figures released on Tuesday by the US Bureau of Labor Statistics.
It comes a day before the Federal Reserve's final monetary policy announcement of the year.
The central bank is expected to keep rates steady for the third time in a row, but investors will look to inflation data for clues about when the Fed will cut rates next year.
According to the CME's Fedwatch tool, markets are anticipating substantial central bank rate cuts in 2024, and see a roughly 50 percent chance that the first Fed rate cut will come as early as March.
Annual inflation cooled to 3.1 percent in November, down slightly from 3.2 percent in October
Stock futures rose ahead of the Labor Department's announcement but then fell sharply and were largely flat before the market opened.
Economists polled by Dow Jones expected prices to remain flat this month and annual interest rates to fall to 3.1 percent.
Shelter prices, which include rent and account for about a third of the CPI weighting, rose 0.4 percent on a monthly basis and 6.5 percent on a twelve-month basis. The overall food index also rose by 2.9 percent last year.
But a fall in energy prices helped keep inflation in check, down 5.4 percent in the year to November.
And according to CPI data, gasoline costs fell by a significant 8.9 percent.
This is a breaking news story. Updates are coming.