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.

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 increased to 2.6% in October, rising modestly from the previous month, according to the Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS).