Figures released on Friday afternoon show that US consumer prices rose 0.2% in November, as inflationary pressures subsided after a 0.6% jump the previous month.
Core prices, stripping out volatile food and energy costs, were also up 0.2%. Both figures were in line with Wall Street economists' expectations.
The main factor in the slower pace of inflation was energy, as prices increased by only 0.2% last month after a 4.2% October rise.
Though the monthly figures were likely to reassure financial markets that October's price increase, which was the biggest in five months, was an exception, the pace of price rises this year has run well ahead of last year's rate.
The department said during the first 11 months of 2004, the consumer price index has risen at a 3.7% annual rate, nearly double the 1.9% rise for all of 2003.
