WASHINGTON, Dec 17 Reuters U.S. business inventories edged up in October as modest increases in stocks at retailers and wholesalers were partially offset by a decline at manufacturers.

Inventories rose 0.1 after being unchanged in September, the Commerce Department39;s Census Bureau said on Tuesday. The gain in inventories, a key component of gross domestic product, was in line with economists39; expectations. Inventories increased 2.4 on a yearonyear basis in October.

The pace of inventory accumulation could pick up in the months ahead as businesses stockpile goods in anticipation of higher import tariffs.

Presidentelect Donald Trump has said he would impose a 25 tariff on all products from Mexico and Canada and an additional 10 tariff on goods from China on his first day in office.

Inventories and trade are the most volatile components of GDP. Private inventory investment was a small drag on GDP in the third quarter. The economy grew at a 2.8 annualized rate in the JulySeptember quarter. Growth estimates for the fourth quarter are currently as high as a 3.3 pace.

Retail inventories rose 0.2 in October, revised up from the 0.1 gain estimated in an advance report published last month. They increased 0.7 in September.

Motor vehicle inventories increased 0.2, instead of 0.3 as previously reported. They advanced 1.8 in September.

Retail inventories excluding autos, which go into the calculation of GDP, edged up 0.1 as reported last month. They increased 1.6 in…