U.S. Consumer Spending Powers Ahead Despite Inflation Pickup

• U.S. personal spending rose in October from a month earlier by the most since March, while a closely watched inflation measure posted the largest annual increase in three decades. 
• Purchases of goods and services, unadjusted for changes in prices, increased 1.3% following a 0.6% gain in September, Commerce Department figures showed Wednesday. After adjusting for higher inflation, spending rose a healthy 0.7%. 
• The personal consumption expenditures price gauge, which the Federal Reserve uses for its inflation target, rose 0.6% from a month earlier and 5% from October 2020. The figures come as some Fed officials are advocating for a faster tapering of the central bank’s asset-purchase program than initially planned.

(Source: Bloomberg)