Inflation ticks higher as Fed eyes another rate cut ...Middle East

Inflation picked up slightly in November, according to data released Wednesday by the Labor Department, but likely not by enough to derail the Federal Reserve's plans for another rate cut. Consumer prices rose 0.3 percent in November and 2.7 percent over the past 12 months, according to new Consumer Price Index (CPI) data released Wednesday. The monthly inflation rate and annual inflation rate each rose by 0.1 percentage points from their October levels, in line with consensus estimates from economists. Rising shelter and food prices drove much of the November bump, with a 0.3 percent in housing prices driving 40 percent of the inflation increase, according to the Labor Department.

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