The Fed’s Preferred Inflation Gauge Slowed in October

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Inflation showed signs of slowing but remained stubbornly rapid in October as a spate of economic data underscored that a return to normal price increases could take time.Prices as measured by the Personal Consumption Expenditures index, the measure the Federal Reserve watches most closely, climbed by 6 percent in the year through October, the report showed, in line with what economists in a Bloomberg survey had expected. That was down from a 6.3 percent increase in the year through September.A core price measure that strips out food and fuel costs, one that the Fed watches closely for a sign of what might come next with inflation, eased slightly to 5 percent. It has been hovering around that level …

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