(Bloomberg) -- US consumer borrowing accelerated in October from a month earlier, reflecting an increase in credit-card balances and steady growth in non-revolving lending.

Total credit increased $27.1 billion from the prior month after rising almost $26 billion in September, Federal Reserve figures showed Wednesday. The median forecast in a Bloomberg survey of economists called for a $28 billion advance. The figures aren’t adjusted for inflation. 

Revolving credit outstanding, which includes credit cards, increased $10.1 billion. Non-revolving credit, such as loans for school tuition and vehicle purchases, rose $17 billion.

Inflation running near a 40-year high has exceeded wage growth, prompting many Americans to turn to credit for purchases and dip into savings. Despite the drop-off in purchasing power, consumer spending has remained largely resilient.

The gain in non-revolving credit was helped by a pickup in auto sales which rose in October to fastest annual pace since the start of the year.

--With assistance from Jordan Yadoo.

©2022 Bloomberg L.P.