U.S. consumer inflation moderated in November as gas prices fell, illustrating a further cooling of most costs and bolstering the Federal Reserve’s strategy of maintaining higher interest rates for now.

The Consumer Price Index edged 0.1% higher last month, leaving it 3.1% higher than a year ago, the Labor Department reported on Tuesday. The number is in line with expectations by economists surveyed by FactSet.

The so-called core CPI — which excludes volatile food and energy costs — climbed 0.3% after a 0.2% rise in October, climbing 4% from the year-ago number for a second consecutive month. 

The numbers support the case for holding interest rates steady as the Federal Open Market Committee starts a two-day meeting on Tuesday. 

“Rates are at a peak and the incoming data will show a further cooling in inflation and a loosening in labor market conditions. This should allow the Fed to pivot to lowering rates, likely by the middle of next year,” Rubeela Farooqi, chief economist at High Frequency Economics, said in a report.

Wall Street took the economic report in stride, with stock futures maintaining gains after the release.