The Federal Reserve could raise interest rates by three-quarters of a point in November in a move to quell inflation, according to reports.

The Fed has raised rates five times this year, with the rates currently at 3.25%. The potential rise could eventually bring the rate above 4% by early 2023.

In late September, Atlanta Fed President Raphael Bostic said in a conference call that inflation was still high.

"It is not moving with enough speed back down to our 2% target," Bostic said.

The imminent three-quarter point increase would be the third consecutive such move this year.

Recent inflation data showed a bleak picture for both consumers and the larger economy. The Department of Labor reported that the consumer price index rose 0.4% in September, surpassing the 0.3% threshold estimated by Dow Jones.

Even without the volatile food and fuel prices, the CPI soared by 6.6% through September—a 40-year high for the key inflation index.

The central bank had previously set a tentative peak rate of 4.6% for next year. With the latest data and the economy still in shock, that target may be readjusted.

The Fed's next meeting is set for December.