Consumer Price Index inflation increased 0.2% in October for an un-adjusted annual rate of 2.6%, meeting expectations, according to the Bureau of Labor Statistics.

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.

Consumer prices have jumped more than 20% since Dec. 2020, working out to over 5% annualized inflation under the Biden administration.

Wholesale Producer Price Index inflation rose 0.2% in October and is up 2.4% annually, according to a Thursday report from the Bureau of Labor Statistics.

Forecasters had expected lingering inflation in October. How will the new numbers affect the next Federal Reserve decision on interest rates?

In October, inflation was above the annual inflation rate of 2.4% in September, and it increased 0.2% on a monthly basis, according to BLS. The cost of housing was the most significant contributor to the monthly increase in October,

Getting inflation back down to 2% is proving to be a grind. Prices paid to producers for their output climbed by 0.2% last month and 2.4% in the 12 months through October, an uptick from the rate in September,