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.

The Dow and the S&P 500 ended slightly higher on Wednesday while the Nasdaq lost ground after October data showed consumer prices rising in line with expectations, adding support to bets that the U.S.

Inflation has cooled notably, but a pickup in annual price increases underscores that it is not fully back to normal.

On Nov. 7, the Federal Reserve implemented a 0.25% reduction to the federal funds rate, its second cut in over four years. Prospective homebuyers are eager for a silver lining in the housing market. But experts don't anticipate dramatically lower rates before the end of the year.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world US inflation remained firm in October rather than continuing its irregular descent,

New data shows inflation rose slightly as the Federal Reserve navigates interest rate cuts following signs of cooling prices and a weaker labor market. CBS News contributor JD Durkin has more.

The inflation trajectory is likely favorable enough to keep the Fed on track to cut borrowing costs at its next meeting in December. The election of Donald Trump has fueled fears of inflation reigniting if he implements the tariffs he promised on the campaign trail.