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.

U.S. inflation likely worsened last month on the back of higher prices for gas, eggs, and used cars, a trend that could make it less likely that the Federal Reserve will cut its key interest rate much

U.S. inflation ticked higher in December, data indicated Wednesday, but core price price pressures eased, potentially sparking a relief rally in stocks tied to renewed bets on Federal Reserve interest rate cuts.