Consumer Price Index inflation increased 0.2% in October for an un-adjusted annual rate of 2.6%, meeting expectations, according to the Bureau of Labor Statistics.

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,

Saudi Arabia's annual inflation rate continued to edge up in October to 1.9% from 1.7% in September, according to government data released on Thursday, driven by an increase in housing rents.

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.

Prices were 2.6% higher than a year ago. But wage growth continues to outpace inflation. Also: the history of the federal income tax.