The Labor Department released the inflation report for December which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

Inflation probably picked up in late 2024, fueled by robust household spending amid a strong economy. A key gauge of inflation — the consumer price index — is expected to show Wednesday morning that prices rose by 2.9 percent in December from a year earlier, according to economists’ forecasts of data released by the Bureau of Labor Statistics.

The December inflation report shows that inflation rose by 0.4% month over month and 2.9% year over year. NBC News' Brian Cheung and Editor-in-Chief at Investopedia Caleb Silver break down the latest economic data.

U.S. inflation accelerated last month as prices for gas, eggs, and used cars rose, yet underlying price pressures also showed signs of easing, bolstering hopes that the Federal Reserve could still cut its key interest rate this year.

Israel's inflation eased more than expected in December to end 2024 at a rate of 3.2% versus 3.0% in 2023, according to data on Wednesday from the Central Bureau of Statistics that could entice policymakers to start reducing interest rates soon.

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.

U.S. consumer prices increased by the most in nine months 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.

A Labor Department report showed the Consumer Price Index (CPI) rose 2.9 per cent on an annual basis in December 2024, the highest since last July