Inflation picked up slightly in November, according to data released Wednesday by the Labor Department, but likely not by enough to derail the Federal Reserve's plans for another rate cut.

Fresh inflation data set for release on Wednesday will provide an update on prices ahead of the holidays and help determine the outcome of an interest rate decision at the Federal Reserve slated for next week.

Federal Reserve officials appear more likely to cut rates this month after data showed the U.S. labor market remained strong but continued to cool in November, with a deeper debate to come next year over whether to pause further rate reductions.

The latest inflation figures are the final major piece of data that Federal Reserve officials will consider before they meet next week to decide on interest rates. A relatively mild increase won't likely be enough to discourage the officials from cutting their key rate by a quarter-point.

Inflation is moving in the wrong direction. U.S. inflation picked up for a second straight month in November on a rise in food and gasoline prices, underscoring that the final stretch of the Federal Reserve's two-year battle against sharply rising prices has become more challenging.

The consumer-price index rose 2.7% from a year earlier, a sign that the path to bringing down price pressures remains bumpy.

US inflation is reported to have risen slightly last month, but remained low overall according to data from the Labor Department.

The pace of price growth ticked up in November, a sign that efforts to cool inflation in the U.S. economy may be stalling.

In November, inflation sped up once again. The consumer price index increased 2.7% from a year ago as expected, higher than October's 2.6% rate and the highest reading since July, when the rate was 2.