The Federal Reserve’s preferred inflation measure remained above the central bank’s 2% target pace in the year through October, as progress on slowing price growth appears to have stalled in late 2024.

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.

U.S. inflation gauge ticks higher with price pressures remaining stubborn.

Consumer price increases accelerated last month, the latest sign that inflation’s steady decline over the past two years has stalled.

The core PCE inflation measure is half of its 2022 peak, but it’s higher than it ever was from 1994 to 2020 as price increases continue to plague consumers.

October's increase in the core PCE (personal consumption expenditure) price index is expected to hang out at +0.3% month-over-month, the same as in September, according to economists' consensus. It highlights the difficulty in wringing the last bit of disinflation out of the current inflation rate to bring it down to the Federal Reserve's 2% goal.