Inflation drifted slightly further from the Federal Reserve’s target in November though in line with expectations, according to the central bank’s preferred gauge released Thursday. The personal consumption expenditures price index, a Commerce Department measure the central bank uses as its main forecasting tool, showed inflation at 2.8% for the month both for headline and core, in line with the Dow Jones consensus. In addition, the department’s Bureau of Economic Analysis reported that the rate for October was 2.7% on both a headline and core basis, the latter excluding volatile food and energy prices. The monthly ... (full story)