The Commerce Department reported on Wednesday that inflation edged higher in October as the Federal Reserve looked for clues on how much it should lower interest rates.
The Personal Consumption Expenditures Price Index, a broad measure of the Fed’s preferred measure of inflation, rose 0.2% for the month, showing a 12-month inflation rate of 2.3%. While the annual rate was higher than September’s 2.1% level, both were in line with the Dow Jones consensus forecast.
Excluding food and energy, core inflation data was stronger, with a monthly increase of 0.3% and an annual increase of 2.8%. Both also met expectations. The annual rate increased by 0.1 percentage points from the previous month.
This is breaking news. Please check back for updates.
