Led by energy prices, U.S. inflation increased 0.3% for the second month in a row in October.

Core prices - which exclude volatile food and energy costs - increased 0.2% in Octobe. The increases matched expectations.

Energy prices increased 1.4% in October, marking the biggest increase since May. Food prices rose 0.3%, down from a 0.5% gain in the previous month.

In the past year, the CPI has risen 3.5%. The core CPI has risen 2.2%, above the 1%-to-2% comfort zone that Fed officials have talked about.