Inflation rises in October thanks to higher gas prices

The Consumer Price Index, a key measurement of inflation, rose 2.5% in October from a year earlier, more than the prior month's 2.3% year-over-year gain, the Labor Department said on Wednesday.

Between the lines: More expensive gas was largely responsible for the increase, the Labor Department said, but excluding energy and food costs inflation actually fell from the prior month on a year-over-year basis. Meanwhile, Wall Street Economist Joseph LaVorgna tweeted that he thinks inflation could fall next month due to the recent decline in oil prices, potentially giving the Federal Reserve a reason to rethink its interest rate hike path.