The Labor Department reported the latest Consumer Price Index (CPI) numbers, and results are in line with estimates. The CPI rose by 2.6% on an annual basis through October 2024. While that’s better than 2022 and 2023 levels, it’s still higher than last month’s inflation rate.

The rise indicates that inflation remains stubborn, and the Fed still has work ahead. Based on the report, planned rate cuts still appear to be on schedule.

The US annual inflation rate reached a 40-year high of 9.1% in mid-2022.

Reported by the U.S. Bureau of Labor Statistics, CPI measures the average change over time in the prices paid for a market basket of consumer goods and services. CPI is generally regarded as a primary measure of inflation.