U.S. inflation rose 2.6% in October, a month after the Federal Reserve began cutting rates
CBSN
U.S. inflation rose 2.6% on an annual basis last month, representing an uptick from September when the Federal Reserve began cutting interest rates amid signs of cooling prices and a weaker labor market.
That matched forecasts from economists polled by FactSet that the Consumer Price Index rose 2.6% in October. The CPI rose 2.4% in September, when the Fed ushered in a jumbo rate cut of 0.5 percentage points, followed by a second rate cut this month.
The slight rise on a month-over-month basis signals that the Fed's battle to tame inflation to its goal of a 2% annual rate might take a bumpy path over the next months. Some types of goods and services, from housing to insurance products, are still experiencing sharply higher prices, crimping consumers' budgets and creating economic headwinds.
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