Consumer inflation accelerated in October 2024. However, the odds of a Federal Reserve interest rate cut on December 18 are still high.

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.

The core version of the Fed’s preferred 12-month inflation gauge ticked back up to 2.8% as expected last month.

Remember, we learned earlier this month that the two other closely-watched inflation metrics moved in the wrong direction: October CPI climbed to 2.6 percent year-over-year, up fr

Inflation rose above the European Central Bank’s target in the eurozone this month, though likely not enough to deter policymakers from cutting interest rates for a third straight meeting next month.