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.

Core prices, which exclude volatile items like food and energy, increased 0.3% month over month in October, the same as August and September. Housing remains the biggest contributor to rising prices, accounting for half of the increase as the shelter index rose 0.4% month over month.

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

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 Consumer Price Index rose 2.6% in the 12 months through October — a tick up from the prior month — while the measure that strips out food and energy held at 3.3%, the Labor Department said on Wednesday.