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The latest consumer price index showed US prices rising 0.4% in October, after increasing 0.6% in September. The Bureau of Labor Statistics said food prices rose 0.5%, while shelter costs increased 0.3%.

Core inflation, which excludes food and energy, rose 0.3% for the third consecutive month. The data reinforced expectations that the Federal Reserve will raise rates at its December meeting.

Federal Reserve Governor Christopher Waller said on November 10 that he favored a quarter-point increase if inflation improved. However, he said a half-point increase ‘should be considered’ if inflation remained elevated.

According to CME Group’s FedWatch tool, traders were pricing in an approximately 11.5% chance of a half-point increase. The larger rate move remained less likely than a quarter-point increase, although expectations of further tightening weighed on markets.