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The Consumer Price Index (CPI) has experienced a 2.6% increase over the 12 months ending in October, noted the Labor Department on Wednesday. This is a slight rise from the 2.4% increase recorded in the year ending in September. The index that excludes food and energy prices has maintained a steady rate of 3.3% since June.

This data underscores the persistent nature of price pressures in the economy, even though the initial surge in inflation seems to have subsided. Concerns are growing over the potential stalling of further progress in reducing these pressures. Voters have highlighted inflation as the foremost economic issue leading up to the 2024 election, with President-elect Trump's successful campaign heavily driven by public discontent over high prices.

In response to the ongoing inflation situation, the Federal Reserve cut interest rates for the second time in a row last week. Although there is speculation that another rate cut could happen in December, the unwavering inflation figures cast doubt on this possibility.

Adding to the mixed signals surrounding the economy, the Federal Reserve's favored inflation measure saw a 2.1% increase in September compared to a year ago, as reported by the Commerce Department. This figure is close to the central bank's target of 2%, suggesting some relief from inflationary pressures as the U.S. approaches its upcoming election and the Fed's next policy review.