U.S. consumer spending increased slightly more than expected in October, suggesting the economy retained much of its solid growth momentum early in the fourth quarter, but progress on lowering inflation appears to have stalled in recent months.

Price increases on consumer goods and services moved up last month but most economists believe the Fed will assess a year-end rate cut.

US inflation -- set to be a key issue for incoming president Donald Trump -- accelerated slightly last month, according to data published Wednesday, underscoring price pressures in the world's