The U.S. inflation rate fell faster than expected in November, indicating that the soaring inflation trend has possibly peaked.

The U.S. Department of Labor said on Tuesday that the U.S. consumer price index(CPI) hit seven-point-one percent in November over a year earlier, after soaring above eight percent in September and slowing to seven-point-seven percent in October.

The November figure is the lowest gain since December of last year and also below the seven-point-three percent predicted by economists in a survey by Bloomberg News.

Core inflation, which strips food and energy from the calculation, rose zero-point-two percent in November from a month earlier, the lowest gain since August last year and also below economists' expectations of a zero-point-four percent on-month increase.

The slowed inflation is raising expectations that the U.S. Federal Reserve will slow the pace of rate hikes at its two-day meeting set to end on Wednesday.

The Bank of Korea has been keenly watching the Fed’s rate hikes with concern that a widening gap between the two central banks’ rates can induce capital outflow from South Korea.