Inflation edged higher in October as the Federal Reserve is looking for clues on how much it should lower interest rates, the Commerce Department reported Wednesday.

Fed officials had been hoping this fall for a clean downtrend in inflation, allowing them to focus more fully on preventing an economic downturn. The data hasn't cooperated. Over the 12 months through October,

The Federal Reserve’s preferred inflation measure remained above the central bank’s 2% target pace in the year through October, as progress on slowing price growth appears to have stalled in late 2024.