U.S. consumer spending increased slightly more than expected in October, suggesting the economy retained much of its solid growth momentum early in the fourth quarter, but progress on lowering inflation appears to have stalled in recent months.

Markets focus on the core PCE inflation reading, which the Fed considers a more accurate representation of overall price pressures, as it incorporates changes in consumer spending

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.