On a "core" basis, which strips out food and energy prices, CPI is forecast to have risen 3.3% over last year in October, unchanged from September's increase. Monthly core price increases are expected to clock in at 0.3%, also in line with the September gain.

Investors will focus in the coming week on whether inflation trends can help sustain the record-breaking stock rally that has received a boost from Donald Trump's victory in the U.S. presidential race.

The blue-chip Dow closed up 259.65 points, or 0.59%, to a record high 43,988.99, and the broad Standard & Poor's 500 index finished up 22.44 points, or 0.38%, to an all-time high of 5,995.54. The S&P 500 and Dow are both about 4.

A Trump victory sent stock investors into beast buying mode, which was broad in nature with most sectors seeing big gains, minus the more defensive areas.

Donald Trump’s election victory made for a seismic week on Wall Street — but investors should guard against getting pulled into emotionally charged market narratives that might not endure.