US inflationary pressures are broadening: Core CPI inflation surged to a 3-month annualized rate of +3.75% in October, its highest reading since April 2024. This marks its 3rd consecutive monthly increase, up from +1.64% in July. At the same time, core services less shelter inflation, also known as Supercore CPI and closely monitored by the Fed, rose to a 3-month annualized rate of +5.45%, its highest since mid-2024. The weighted proportion of CPI components rising at an annualized rate above 2% soared to 76% last month, the largest percentage since August 2022. This figure has risen +17 percentage points since July, marking its sharpest 3-month increase since early 2021. The Fed's fight against inflation is far from over.