US inflation rose slightly last month after 2 years of steady cooling but remained low

WASHINGTON (AP) — Inflation in the United States ticked up in October 2024, 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. Consumer prices rose 2.6% from a year earlier, up from 2.4% in September. It was the first increase in annual inflation in seven months. From September to October, prices edged up 0.2%. An uptick in prices, if sustained, could stir concerns in financial markets that progress in taming inflation may be slowing. It might also make the Federal Reserve less inclined to cut its key interest rate in the coming months. Still, most economists think inflation will eventually resume its slowdown.