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 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 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.