<p>Consumer spending moderated in October, the government said on Wednesday. Consumer spending rose 0.5% after a revised gain of 1.2% in September, the government said on Wednesday. Economists polled by MarketWatch had predicted an increase of 0.4%. Personal income fell 0.7% in October after gaining 0.7% the month before. This was driven by a decrease in government social benefits. The 12-month increase in the PCE index, the Federal Reserve’s preferred inflation gauge, slipped to 1.2% in October from 1.4% the month before. The base PCE rate which excludes food and energy fell slightly to 1.3% from 1.5% on an annual basis.