The latest reading of the Federal Reserve's preferred inflation measure should confirm that price growth remained stubbornly above the central bank's annual target. The last round of the Fed's inflation fight is proving to be a long one.

The Bureau of Economic Analysis will release the personal-consumption expenditures, or PCE, price index for October at 10 a.m. ET on Wednesday as part of its personal income and outlays report.

The consensus forecast among economists surveyed by FactSet calls for a 0.2% increase in the PCE price index in October. The core PCE index, which excludes food and energy components, is expected to have gained 0.3% during the month. Both would match September's pace of inflation.