Money changes hands at a Best Buy Co. store in Louisville, Kentucky on November 23, 2017. Photographer: Luke Sharrett/Bloomberg

The Federal Reserve's preferred measure of underlying inflation accelerated to a four-month high in September, and consumer spending picked up, keeping the door open to another interest-rate hike in the months ahead.

The core personal consumption expenditures (PCE) price index, which strips out the volatile food and energy components, rose 0.3 percent in September, according to the Bureau of Economic Analysis (BEA) report out Friday. Inflation-adjusted consumer spending jumped 0.4 percent last month.

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