Fuel, housing costs raised October’s inflation. What it means for the Fed

October’s surge in consumer prices was driven by some factors that may linger. Market pros say the Federal Reserve may be forced to move up the timeline on its ultimate inflation-fighting tool: interest rate hikes.

The consumer price index jumped 0.9% on a monthly basis, and was up 6.2% year-over-year, the fastest pace in 30 years. According to Dow Jones, economists had expected a 5.9% gain. Excluding food and energy, the increase was still high, up 0.6% or 4.6% year-over-year.

CPI measures inflation based on a basket of products from rents and groceries to gasoline and medical services. After the October report…