Inflation rose slightly in October, with consumer prices up 0.2% for the month and 2.6% compared to a year earlier, marking the first increase since March.

Housing-related inflation contributed to half of the monthly rise, while energy prices were flat.

Despite this, inflation has significantly eased from its peak of 9.1% in June 2022.

Economists expect continued progress, with core inflation (excluding food and energy) rising 0.3% monthly and 3.3% annually, CNN has reported.

Key price increases were seen in used cars, air fares, and electricity. Economists suggest the pace of inflation is slowing, signaling potential interest rate cuts.

Written by B.C. Begley