Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story  Inflation ticks up Consumer prices rose 0.2 percent in October and 2.6 percent over the previous 12 months as inflation flirts with prepandemic norms, according to new federal data. © AP Photo/David Zalubowski The latest annual reading is slightly higher than the 2.4 percent increase expected by economists surveyed by the Wall Street Journal, who had expected the consumer price index (CPI) to rise by 0.2 percent last month. The shelter index accounted for more than half of the overall monthly increase, rising 0.4 percent in October, according to the Labor Department. Shelter prices were up 4.9 percent year over year. Eugenio Aleman, chief economist at Raymond James, also warned that "any surge in oil and gas prices could severely compromise the Fed’s inflation target." "Although inflation was in line with expectations in October, both month-on-month as well as year-over-year, it is clear that the Federal Reserve’s job is still unfinished and that markets are correct in repricing federal funds rate expectations going forward. Under this environment, it is only oil and gasoline prices that are keeping inflation contained," Aleman said. Inflation has eased significantly since it peaked at 9.1 percent year-over-year in June 2022, fueled by pandemic-era federal stimulus and an economic rebound that sent prices skyrocketing as suppliers struggled to meet demand. While the central bank won't yet declare victory, it did started cutting interest rates in September after hiking them to a two-decade high to try to bring down inflation. After the central bank announced a second cut of 0.25 percentage points — following a 0.50-point cut in September — last week, Fed Chair Jerome Powell declined to “speculate” on the impact of President-elect Trump’s policy proposals on inflation, which economists expect could lead to higher inflation, deficits and interest rates. The Hill's Taylor Giorno has more here.   Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here. Essential Reads  Key business and economic news with implications this week and beyond:   Supreme Court weighs Nvidia challenge to securities fraud claims The Supreme Court on Wednesday weighed a bid from chipmaker Nvidia as it attempts to avoid a suit alleging its executives misled investors about the extent its sales depended on volatile cryptocurrency miners.  Full Story   Warren: Musk, Ramaswamy co-leading government waste office ‘seems REALLY efficient’ Sen. Elizabeth Warren (D-Mass.) joked Thursday about President-elect Trump’s decision to appoint Elon Musk and Vivek Ramaswamy as co-leads of his new government efficiency panel.  Full Story   Lobbying World: AirBnB books new federal affairs lead AirBnB has added Aquila Powell as head of federal affairs. She was most recently managing director at Prime Policy Group and is a General Motors alum.  Full Story   Stephen King addresses ‘rumors’ about Musk insults, X ban Author Stephen King on Wednesday addressed what he said were rumors about him mocking tech billionaire Elon Musk and being removed from the social platform X.  Full Story The Ticker  Upcoming news themes and events we're watching: The producer price index for October comes out Thursday at 8:30 a.m. ET. Federal Reserve Chair Jerome Powell is set to speak at the Dallas Fed at 3 p.m. In Other News  Branch out with more stories from the day: A $1 billion proposal is the latest plan to refurbish and save the iconic Houston Astrodome HOUSTON (AP) — The Houston Astrodome has been in limbo, waiting for its chance at a second life since … Full Story Good to Know  Business and economic news we've flagged from other outlets: Americans’ debt is growing — but so are incomes (CNN) Lighthizer and his allies lay groundwork for Trump’s massive new tariffs (Politico) Musk-a-Lago: Inside Elon Musk’s Role on Trump’s Transition Team (The Wall Street Journal) What Others are Reading  Top stories on The Hill right now: Trump Cabinet picks: Here’s who’s on the list to carry out his agenda President-elect Trump is assembling his Cabinet and senior staff for his second term in the White House before taking office in January. Read more Trump taps Gabbard for director of national intelligence President-elect Trump announced Wednesday that former Hawaii Rep. Tulsi Gabbard would serve as his director of national intelligence, a remarkable turnaround for a former Democrat accused of peddling Russian narratives. Read more What People Think  Opinions related to business and economic issues submitted to The Hill: Why Trump might challenge Europe’s deforestation regulation Trump’s tariff proposal needs a makeover: A border-adjusted tax You're all caught up. See you tomorrow!