Consumer price increases accelerated last month, the latest sign that inflation's steady decline over the past two years has stalled in recent months. According to the Federal Reserve's preferred inflation gauge,

U.S. consumer spending increased solidly in October, suggesting that the economy maintained its strong pace of growth early in the fourth quarter, but progress lowering inflation appears to have stalled in the past months.

The core version of the Fed’s preferred 12-month inflation gauge ticked back up to 2.8% as expected last month.

The Commerce Department released data showing that PCE inflation ticked higher in October, though the Federal Reserve's preferred inflation gauge remained near last month's level.

Markets focus on the core PCE inflation reading, which the Fed considers a more accurate representation of overall price pressures, as it incorporates changes in consumer spending