The Federal Reserve cut interest rates by 0.25% on December 18, but an interest rate cut is unlikely when the Fed issues its next policy decision on January 29.

The Personal Consumption Expenditures index climbed 2.4 percent from a year earlier, though the report’s details were more subdued than expected.

Prices barely moved in November but still held higher than the Federal Reserve’s target when looked at from a year ago, according to a Commerce Department measure released Friday.