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.

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 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.