Inflation remained elevated in November at a level well above the Federal Reserve’s target rate as policymakers weigh potential interest rate cuts next year.

The Bureau of Labor Statistics said on Thursday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.2% in November compared with September, while it increased to 2.7% on a year-over-year basis.

Both of the figures were cooler than the expectations of economists polled by LSEG, who projected a 0.3% monthly rise and a 3.1% year-over-year figure.

So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.3% from the prior month and 2.6% from a year ago. The monthly figure was in line with economists’ expectations, while the annual number was cooler.

The release of the November CPI inflation report was delayed by the 43-day government shutdown, which concluded last month and impacted data collection, causing the release date to be pushed back from Dec. 10.

This is a developing story. Please check back for updates.