U.S. Treasury yields inched lower on Wednesday as investors awaited the latest consumer price inflation reading, due later in the session.

The benchmark 10-year Treasury yield was down 2 basis points to 5.195%, and the 30-year Treasury yield was down 1 basis point to 5.549%. The 2-year Treasury note yield was also down 2 basis points to 4.772%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

The September consumer price index report will be released later on Wednesday morning.

Headline inflation is expected to rise 0.6% on the month and 3.6% on an annual basis, according to economists polled by Dow Jones. The projected annual number shows that price growth is accelerating away from the Federal Reserve's target inflation rate of 2%.

Core inflation, which excludes volatile food and energy prices, is expected to rise 0.2% from August and 2.5% on an annual basis.

Deutsche Bank analysts noted Wednesday that the CPI comes just two weeks before the Fed's next interest rate decision.

"Any surprises either way will help shape the narrative going into the next Fed meeting, as we don't get the PCE inflation readings (which they officially target) until the day after the next decision," the analysts said.

Investors also await the September reading for the producer price index, retail sales data and initial jobless claims figures, all due on Thursday.