Consumer inflation increased 2.9% in 2024, which is above the Federal Reserve's goal of 2%, but wages overall more than kept up with higher prices.

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 this year.

Gas prices rose sharply, but investors homed in on a small decline in the core CPI.

The consumer price index ... complicating the Federal Reserve’s efforts to manage the situation. Sticky inflation refers to price increases for certain goods and services, such as insurance ...

The consumer price index (CPI) accelerated to 2.9 percent last month from a year ago, up from 2.7 percent in November, the Labor Department said in a statement.

Recently, progress on inflation appeared to be stuck or, at worst, reversing: A closely watched gauge of underlying price hikes — an index that excludes highly volatile categories — hadn’t budged for months.

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.

STORY: U.S. inflation data out Wednesday showed consumer prices ticked up more than expected in December amid higher gas prices. The Labor Department's consumer price index rose ... nearly even odds that the Federal Reserve will cut interest rates twice ...

which bases its calculations on the Consumer Price Index, a widely used indicator for inflation. Members of the Federal Reserve Board of Governors are appointed by the U.S. president and confirmed ...

This contradicts months of claims from Jerome Powell who has insisted that price inflation was rapidly returning to the Fed's two-percent price inflation goal.

U.S. consumer prices rose in December, pointing to elevated inflation and fewer interest rate cuts by the Federal Reserve.

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.