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November 30, 2006 8:30 AM, EST

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onsumer personal spending rose 0.2% in October, while an inflation gauge preferred by the Federal Reserve rose 0.2% for the second consecutive month, the Commerce Department said Thursday.

The increase in personal spending, the largest in three months, follows a 0.2% decrease in September that was initially reported as a 0.1% gain.

Personal incomes rose 0.4% following a 0.5% gain in September, Bloomberg said.

Meanwhile, the Federal Reserve’s preferred gauge of inflation rose 2.4% from last October, matching September’s year-to-year increase, Bloomberg reported.

An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.