(fxcue news) - The Labor Department released a closely watched report on Wednesday showing consumer prices in the U.S. rose in line with economist estimates in the month of November. The report said the consumer price index climbed by 0.3 percent in November after rising by 0.2 percent for four straight months. The increase matched expectations. The annual rate of growth by consumer prices ticked up to 2.7 percent in November from 2.6 percent in October, which was also in line with estimates. "The headline CPI was consistently above 3% in the beginning of the year and now it is consistently below 3%, so despite the fact that the series is a little noisy from month-to-month, we believe the Fed is likely to look through these fluctuations and continue on their easing path," said Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management. The monthly increase by consumer prices was partly due to higher shelter costs, which rose by 0.3 percent, accounting for nearly forty percent of the advance by the headline index. Prices for food also climbed by 0.4 percent during the month, while prices for energy crept up by 0.2 percent. Excluding food and energy prices, core consumer prices still rose by 0.3 percent in November, matching the increases seen in each of the three previous months as well as expectations. The Labor Department said core consumer prices in November jumped by 3.3 percent compared to the same month a year ago, unchanged from October and in line with estimates. The monthly increase by core prices reflected the higher shelter costs as well as higher prices for used cars and trucks, household furnishings and operations, medical care, new vehicles, and recreation. On Thursday, the Labor Department is scheduled to release a separate report on producer price inflation in the month of November. The producer price index is expected to climb by 0.3 percent in November after rising by 0.2 percent in October, while the annual rate of growth is expected to accelerate to 2.6 percent from 2.2 percent.