Feb 20 (Reuters) - U.S. stock index futures dipped on Friday after data showed U.S. economic growth slowed more than expected in the fourth quarter, while inflation rose more than economists' estimates in December.

The Commerce Department's report showed U.S. GDP increased at a 1.4% annualized rate last quarter after accelerating at a 4.4% pace in the July-September quarter. Economists polled by Reuters were forecasting GDP to grow at a 3% rate.

Separately, Personal Consumption Expenditure index, the Federal Reserve's preferred inflation gauge, rose 0.4% in December, on a month-over-month basis, compared to economists' estimate of a 0.3% rise. Core PCE, which excludes the volatile food and energy components, rose 0.4% on a month-over-month basis, versus economists' forecast for a 0.3% rise.

At 8:55 a.m. ET, S&P 500 E-minis were down 0.23%, Nasdaq 100 E-minis fell 0.36% and Dow E-minis dropped 0.16%. Spot gold rose more than 1%.