The Federal Reserve’s preferred measure of inflation rose less than expected in November, bolstering bets that the central bank will begin cutting interest rates next year. The Personal Consumption Expenditures price index (PCE), a gauge of core inflation that excludes food and energy costs, rose 0.1% from a month earlier, according to a report the Bureau of Economic Analysis released Friday. That was lower than the 0.2% rise forecast by economists polled by Reuters. The year-over-year increase was 3.2%, lower than October’s 3.4% gain. The figures signal that the Fed is winning a nearly two-year battle agaginst inflation — and…
