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.

The Federal Reserve’s preferred measure of underlying inflation accelerated in October from a year ago, helping explain policymakers’ more cautious approach to lowering interest rates.

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.