WASHINGTON — The Federal Reserve’s preferred measure of inflation fell last month in another sign that price pressures easing in the face of the central bank’s interest rate hikes.

Friday’s report from the Commerce Department showed that consumer prices slid 0.1 percent last month from October and rose 2.6 percent from November 2022. Excluding volatile food and energy prices, so-called core inflation last month rose 0.1 percent from October and 3.2 percent from a year earlier.

All the numbers show somewhat more progress against inflation than economists had expected.

After nearly two years of Fed rate hikes — 11 since March 2022 — inflation has come down from the four-decade highs it hit last year. The Labor Department’s closely watched consumer price index was up 3.1 percent last month from November 2022, down from a 9.1 percent year-over-year increase in June 2022.

Encouraged by the progress, the Fed has decided not to raise rates at each of its last three meetings.

Despite widespread predictions that higher rates would cause a recession, the American economy and job market have remained strong. That has raised hopes the Fed can achieve a “soft landing” — bringing inflation to its 2 percent year-over-year target without sending the economy into recession.

The inflation gauge the Commerce Department issued Friday is called the personal consumption expenditures price index. It showed year-over-year inflation peaking at 7.1 percent in June 2022.

The Fed prefers the personal consumption index over the Labor Department’s consumer price index in part because it accounts for changes in how people shop when inflation jumps — when, for example, consumers shift away from pricey national brands in favor of cheaper store brands.

Associated Press