WASHINGTON (Reuters) - U.S. import prices barely rose in November as increases in the costs of food and fuels were partially offset by decreases elsewhere, thanks to a strong dollar and suggesting that inflation pressures could subside in the months ahead.

Import prices edged up 0.1% last month after a downwardly revised 0.1% rise in October, the Labor Department's Bureau of Labor Statistics said on Friday. Economists polled by Reuters had forecast import prices, which exclude tariffs, declining 0.2% after a previously reported 0.3% gain in October.

In the 12 months through November, import prices increased 1.3% after advancing 0.6% in October.

The improvement in inflation has stalled in recent months, but there has been no noticeable deterioration. The government reported on Wednesday that consumer prices increased by the most in seven months in November, while a measure of underlying price pressures continued to run firmer over the past four months.

Though producer prices notched their largest monthly gain in five months, services inflation slowed in November, leading economists to anticipate benign readings in the personal consumption expenditures (PCE) price measures tracked by the Federal Reserve for its 2% target.

A 25 basis points interest rate cut next Wednesday has almost been priced in. The scope for rate cuts next year could be limited by President-elect Donald Trump's incoming administration's plans to increase tariffs and deport millions of undocumented immigrants.

The U.S. central bank's benchmark overnight interest rate has been reduced to the 4.50%-4.75% range since it launched its policy easing cycle in September. The policy rate was hiked by 5.25 percentage points between March 2022 and July 2023.