WASHINGTON — The sluggish pace of inflation is replacing unemployment as the main reason the Federal Reserve is not ready to start raising interest rates.

The members of the Fed’s policy-making committee saw little reason to shift course at their most recent meeting in late October, according to an official account published Wednesday. Economic growth and job growth remain unusually steady, and Fed officials continued to predict both trends would continue.

But the stability of the Fed’s plans obscures a shift in the focus of its concerns. Even as officials are increasingly heartened by evidence that the labor market is improving, they are worried about signs that inflation is rising too slowly. Low inflation impedes economic adjustments, and raises the specter of deflation.

“Inflation hazard light trumps labor market dashboard,” was the summary offered by Michael Feroli, chief United States economist for JPMorgan Chase.