Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

The closely scrutinized monthly consumer-price index is due at 8:30 a.m. ET. Here are some key points to know ahead of the report: Economists expect annual inflation to come in at 2.9% as of December,

U.S. consumer prices increased slightly more than expected in November as energy costs rose, pointing to an inflation trend that lines up with the Federal Reserve's view for a slower path of rate cuts this year.

Annual inflation ticked up for a third straight month in December as food, energy costs rose, CPI report showed. But underlying price measure eased.

Traders are feeling more confident that the Federal Reserve will cut interest rates this year after a key inflation gauge came in cooler than expected. Core consumer prices, which exclude volatile food and energy categories,

US consumer inflation rose for a third straight month in December as energy prices jumped but a widely-watched measure eased slightly, raising hopes that underlying inflation may be moderating.

US consumer inflation rose for a third straight month in December as energy prices rose, according to government data published Wednesday, adding pressure on the Federal Reserve to pause rate cuts.

US consumer prices showed no signs of cooling in December amid higher costs for energy goods — pointing to still elevated inflation that aligns with the Federal Reserve’s projections for fewer interest rate cuts this year.