Gasoline prices are displayed at a gas station on November 16, 2021 in San Mateo County, California.
Liu Guanguan | China News Service | Getty Images
Inflation rose strongly in October, accelerating at its fastest pace since the early 1990s, according to a Commerce Department gauge released Wednesday that is closely followed by Federal Reserve policymakers.
Prices for personal consumption expenditures excluding food and energy increased 4.1% from a year ago, with the so-called core reading last higher in January 1991. The Fed prefers that measure as it excludes the volatility that the two categories can show.
The reading matched the Dow Jones estimate.
Including food and energy, the PCE index…