Inflation rose two-tenths of a percentage point to 2.6% for the year ending in October, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index, the first rise in annual inflation in six months.
The increase is unwelcome news for the economy and President-elect Donald Trump as he prepares to enter office early next year. It shows the Federal Reserve will have to continue working to bring down prices and that inflation could be a lingering problem in the new administration.
While the rise is unfortunate news, it was expected. Most economists anticipated that annual inflation would tick up from 2.4% to 2.6%.
On a month-to-month basis, inflation rose 0.2%.
Inflation was the biggest concern on the campaign trail and, according to some analysts, a major factor in Trump besting Vice President Kamala Harris last week.
Read more at Washingtonexaminer.com
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