The consumer price index rose 0.2% in October for the fourth straight month, and advanced 2.6% on an annual basis.

U.S. stock index futures edged lower on Wednesday as an uptick in Treasury yields weighed on rate-sensitive equities ahead of crucial inflation data that will offer more signals on the pace of the Federal Reserve's interest rate reductions.

Following today's inflation data, traders of short-term interest-rate futures contracts adjusted their expectations to now see a heightened probability of an additional quarter-point interest rate cut by the Federal Reserve in its

U.S. consumer prices increased as expected in October amid higher costs for shelter such as rents, and progress toward low inflation has slowed in recent months, which could result in fewer interest rate cuts from the Federal Reserve next year.

European Central Bank Governing Council member Olli Rehn said a December interest-rate cut is likely and further reductions are possible, but officials should remain cautious and move step by step.