U.S. inflation rose 2.6% on an annual basis last month, representing an uptick from September when the Federal Reserve began cutting interest rates amid signs of cooling prices and a weaker labor market.

Inflation in the United States ticked up in October, driven by costlier rents, used cars and air fares, a sign that price increases might be leveling off after having slowed in September to their lowest pace since 2021.

That matched forecasts from economists polled by FactSet that the Consumer Price Index rose 2.6% in October. The CPI rose 2.4% in September, when the Fed ushered in a jumbo rate cut of 0.5 percentage points, followed by a second rate cut this month.

Saudi Arabia's annual inflation rate continued to edge up in October to 1.9% from 1.7% in September, according to government data released on Thursday, driven by an increase in housing rents. Rents for housing rose by 11.

Annual inflation may have risen in October for the first time in seven months, a sign that price increases might be leveling off after steadily cooling for more than two years

India's wholesale price-based inflation accelerated to a four-month high of 2.36% year on year in October due to elevated food prices, government data released on Thursday showed. Inflation for October was higher than the 2.

A rise in prices could make the Federal Reserve less likely to cut its key interest rate in the coming months. But most economists believe inflation will continue its slowdown.