The Labor Department said last month's flat reading in its Consumer Price Index followed a 0.3 percent rise in October, and was due to sharp decline in gasoline prices. Excluding the volatile food and energy components, the CPI increased 0.2 percent, matching October's gain.

In early trading, US 10-year note yields were still up on the day, but pared gains to 2.889 percent after the data, from 2.895 percent just before. Ten-year yields last traded at 2.891 percent.

On the short end of the curve, US two-year yields were also slightly higher on the day, trimming gains after the data. They were last at 2.774 percent, from 2.772 percent late on Tuesday.