Inflation rises at slower rate than expected (CNN)

Inflation increased at a slower rate than expected, according to a CNN report. The Consumer Price Index, released today, rose 7.7% for the year ending in October; economists had expected an increase of 8%, CNN reported. “While I expect the Fed to lift the policy rate by 50 basis points at its December meeting, the supersize rate hikes are likely now in the rearview mirror,” Joe Brusuelas, chief economist at RSM, told CNN.