Prices rose faster in September. The Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, climbed 3.6% from a year earlier, up from 3.4% in August and in line with forecasts, according to Morningstar. Prices rose about 0.5% from August alone, which CNBC noted was the biggest monthly jump since March. Core PCE, which strips out volatile food and energy costs, rose 3.1% from a year ago and 0.3% for the month. Both figures matched expectations.

Gasoline and other goods led the increase, according to Reuters via U.S. News. Consumer spending rose 0.5% in September, slightly below forecasts. Personal income grew just 0.2%, and the savings rate stood at 3.8%, according to the Bureau of Economic Analysis. After adjusting for inflation, spending barely moved, which suggests Americans paid more without actually buying more. Even so, the overall economy grew at a 3.4% annualized pace in the third quarter, faster than expected.

The report keeps inflation well above the Fed's 2% target and lands just one day after the central bank held rates steady at 3.75% to 4%, while acknowledging that inflation "remains elevated." Reuters reports that the hotter numbers back up economists' expectations of a rate hike at the Fed's December meeting. Officials tend to focus on the core reading as the better signal of where inflation is headed long term.