The Labor Department on Wednesday reported that consumer prices in October rose 2.6% from a year earlier. That marks a pickup in the pace of inflation from September, when prices were up 2.4% on the year.

October inflation readings out this week have shown little progress toward the Fed's two percent inflation target, putting into question how deeply the Federal Reserve will cut interest rates in 2025.

October's Consumer Price Index (CPI), which measures changes in the cost of consumer goods and services, showed that annual inflation rose by 2.6%. That's not an alarmingly high rate of inflation. It's also only a modest uptick from September's CPI reading, which measured annual inflation at 2.4%.