The Federal Reserve’s preferred inflation gauge moved slightly higher in November — but not as much as economists were expecting, an indication that price hikes aren’t accelerating in a worrisome fashion.

The Personal Consumption Expenditures index climbed 2.4 percent from a year earlier, though the report’s details were more subdued than expected.

Inflation reaccelerated in November by the measure preferred by policymakers at the Federal Reserve, but not as much as forecasters had expected.