The core personal consumption expenditures price index, which is the Federal Reserve's preferred inflation measure, experienced a 2.8% increase in October compared to the previous year. On a monthly basis, there was a 0.3% rise.

This data, released by the Bureau of Economic Analysis, indicates a significant acceleration in underlying inflation. As a result, the Federal Reserve has adopted a more cautious approach towards reducing interest rates. The increase in inflation can be partially attributed to the impact of rising stock prices on the index's calculations.

These latest figures highlight the complexities of the current economic landscape and the challenges faced by policymakers in making monetary policy decisions.