US inflation edged lower to 3.1 per cent for November, bolstering arguments by Federal Reserve officials that interest rates should remain at current levels during the spring.

The headline consumer price index figure fell marginally below October’s 3.2 per cent, in line with expectations.

The annual core measure — which strips out changes in the price of energy and food, and is seen as a bellwether for longer-term inflation — remained flat at 4 per cent. Over the course of November, core prices rose by 0.3 per cent.