Jan 29 (Reuters) - Underlying inflation was little changed in December and close to the central bank's 2% target, data from the Federal Reserve Bank of New York said on Monday.

The bank said its December Multivariate Core Trend inflation reading stood at 2.34% from November's 2.35%. The Fed meets this week in a policy meeting that could open the door to rate cuts as inflation pressures have been easing. (Reporting by Michael S. Derby Editing by Chris Reese)