The Federal Reserve’s preferred measure of underlying inflation accelerated in October from a year ago, helping explain policymakers’ more cautious approach to lowering interest rates.

The Commerce Department released data showing that PCE inflation ticked higher in October, though the Federal Reserve's preferred inflation gauge remained near last month's level.

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.

Consumer prices were 2.2% higher in November than the same month last year, up from 2.0% in October.

German inflation remained flat in November despite expectations of a second consecutive increase interrupting the downward trend in Europe's troubled largest economy.

Germany's inflation rate rose for the second consecutive month in November, climbing 2.2% above the level of the same month last year, according to provisional figures from the Federal Statistical Office.