Consumer spending rebounds in October, inflation elevated

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — U.S. consumer spending rebound in October, rising by a a solid 1.3%, but inflation was up as well, rising over the past year at the fastest pace in more than three decades. The jump in consumer spending last month was double the 0.6% gain in September, the Commerce Department reported Wednesday. Consumer prices were up 5% compared to a year ago, the fastest 12-month gain since the 12 months ending in November 1990.