US inflation slows more than expected to 1.3% in November

US inflation slowed to 1.3% year-on-year in November from 1.7% a month earlier, more than the 1.4% expected by analysts.

A decrease in fuel prices saw the biggest decline in consumer prices since December 2008, the Labor Department report showed.

The report is likely to support the Federal Reserve's argument to keep interest rates low for a "considerable time". The Fed announces its latest policy decision later on Wednesday when it is expected to maintain interest rates at 0.25%.