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,

Disinflation in key areas of consumer prices should help the Federal Reserve stick to its policy path of gradual cuts to interest rates.

Progress on inflation should stall this year” as fiscal, immigration and trade policies shift, caution Bank of America economists.

Key Takeaways The Consumer Price Index rose 2.9% in December, accelerating from a 2.7% annual increase in November.Core inflation rose 3.2% over the year, down from 3.3% in November, providing optimism for the trajectory of the cost of living.

The Consumer Price Index ticked up by 0.4% in December, but a measure that excludes food and energy prices slowed for the first time in four months, the Labor Department said on Wednesday. Why it matters: Inflation resumed a cooling trend after a months-long interruption,

A key inflation metric eased for the first time since July as investors debate the Federal Reserve's next interest rate decision.