On CNBC, Jeremy Siegel, a finance professor at the University of Pennsylvania’s Wharton School discussed the recent CPI data, calling it "troublesome."

He noted equities "love inflation" until the U.S. Federal Reserve thinks seriously about the same. However, the central bank is not taking any action, he said. 

There is one more inflation data release due before the bank’s meeting Dec. 15, and if it comes out anywhere closer to the current level, there would be huge pressure on Fed Chair Jerome Powell to "come down much stronger than he has so far."

The annual inflation rate rose to 6.2% in October, the highest level since November 1990. Analysts were expecting a reading of 5.8%. The core CPI rose 0.6% month-over-month in October following a 0.2% increase in September.