Falling gasoline prices led to a sharp drop in U.S. consumer prices during November, the steepest rate in nearly six years, according to a U.S. Commerce Department released Wednesday morning.

Consumer prices declined 0.3% from the month before, the largest drop since December 2008, pushing the Consumer Price Index down to an annual rate of 1.3%, compared to a rate of 1.7% in October.

Excluding volatile food and energy prices, the inflation rate is up 1.7% over the past 12 months, a tenth of a percentage point lower than in October. These “core prices” rose just 0.1% in November from the month before.

Over the past year energy prices have declined 4.8% while food prices are up 3.2%.

The overall annual rate is below the Federal Reserve’s annual target of a 2% annual inflation rate and will be looked at by officials before increasing interest rates. Further clues on how the Fed will proceed are expected Wednesday afternoon.

“Ahead of today's Federal Open Market Committee statement release, it is clear the U.S. economy continues to face significant headwinds,” said Lindsey Piegza, chief economist at the investment firm Sterne Agee. “Not only is the U.S. labor market far from robust, continuing to send mixed messages, but significant price declines, initially led by a retreat in energy prices, have now resulted in a clear disinflationary environment, pulling headline inflation further below the Fed's longer-run target of 2%.”

Despite lower overall inflation, U.S. consumers face increasingly higher prices in key areas such as housing, up 3% over the past year, and medical costs, up 2.5%.