An inflation gauge tracked by the Fed slows to still-high 6%

A measure of inflation that is closely monitored by the Federal Reserve eased but remained at an elevated level in October, likely reinforcing the Fed’s intent to keep raising interest rates to cool the economy and slow the acceleration of prices. The report from the Commerce Department showed that prices rose 6% in October from a year earlier. That was down from 6.3% yearover-year increase in September. Excluding volatile food and energy prices, so-called core inflation over the previous 12 months was 5%, less than the 5.2% annual increase in September.