U.S. inflation ran hotter than expected in October, pressuring Fed and White House

U.S. inflation ran hotter than expected in October, with the consumer price index rising 0.4% from September, signaling persistent price pressures that will challenge the White House and Federal Reserve. Core prices, excluding food and energy, rose 0.3%, matching the prior month but both figures exceeded forecasts by a tenth of a point. The government did not report a yearly rate due to last year's shutdown, and inflation remains well above the Fed's 2% target. The elevated inflation makes a Fed rate hike in December highly likely, with Governor Christopher Waller suggesting a half-point increase is possible. Gas prices rose 1% monthly but are falling this month, while higher energy costs are spreading to airfares, electricity, and groceries.