Wholesale Producer Price Index inflation rose 0.2% in October and is up 2.4% annually, according to a Thursday report from the Bureau of Labor Statistics.

Forecasters had expected lingering inflation in October. How will the new numbers affect the next Federal Reserve decision on interest rates?

In October, inflation was above the annual inflation rate of 2.4% in September, and it increased 0.2% on a monthly basis, according to BLS. The cost of housing was the most significant contributor to the monthly increase in October,

Getting inflation back down to 2% is proving to be a grind. Prices paid to producers for their output climbed by 0.2% last month and 2.4% in the 12 months through October, an uptick from the rate in September,

Inflation rose slightly in October in line with economists' expectations, as the consumer price index was up 2.6% from a year ago and 0.2% compared with last month.