After U.S. prices climbed by the most in three decades, there's even worse news ahead for households and policymakers: Inflation likely has further to rise before it peaks.

In October, prices rose at an annual rate of 6.2 percent, the highest since 1990, with increases spread well beyond the parts of the economy most disrupted by pandemic closures. Key drivers, such as hot housing markets and a global energy crunch, show few signs of fading away soon—leading economists to predict even bigger jumps in the coming months.

"We're going to see the inflation picture get worse before it gets better," said Sarah House, senior economist at Wells Fargo & Co. She doesn't expect much relief before next spring.

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