The Federal Reserve might have to rethink another cut at its December meeting if inflation surprises "to the upside" over the next month, Minneapolis Fed president Neel Kashkari told Yahoo Finance.

"That might give us pause," he said at Yahoo Finance’s Invest conference on Tuesday.

The latest test comes Wednesday with the release of October’s Consumer Price Index (CPI), a key inflation measure the central bank will consider ahead of its last meeting of the year on Dec. 17-18.

Last week, the Fed cut rates by a quarter percentage point, its second reduction in seven weeks.