CNN —
The Federal Reserve’s favored inflation gauge just moved in the wrong direction. It comes as President-elect Donald Trump promises massive tariffs that could push the cost of living even higher.
The Personal Consumption Expenditures price index rose 2.3% in October from the year before, accelerating from the 2.1% pace notched in September, according to Commerce Department data released Wednesday.
On a monthly basis, prices rose 0.2%, matching the gain seen in September.
Inflation within the services sector drove much of the monthly increase, as those prices rose 0.4% from September,
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