(Reuters) - U.S. stock index futures moved higher on Wednesday as investors stuck to their bets of the Federal Reserve cutting interest rates this month following the release of November inflation data.

A Labor Department report showed the Consumer Price Index (CPI) rose 0.3% on a monthly basis in November, versus the 0.3% increase forecast by economists polled by Reuters. Annually, it stood at 2.7%, compared to an estimated 2.7% rise.

The core figure, which excludes volatile food and energy components, rose 0.3% on a monthly basis against an expectation of a 0.3% advance. Annually, it came in at 3.3%, versus an estimated 3.3% increase.

At 8:31 a.m. ET, Dow E-minis were up 46 points, or 0.1%, S&P 500 E-minis were up 16.25 points, or 0.27%, and Nasdaq 100 E-minis were up 85 points, or 0.4%.