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.

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.

The consumer price index, an inflation measure ... told Business Insider. The Federal Open Market Committee could consider the new data in its interest-rate decision at the end of the month.

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

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.

offers market a "glimmer of hope" The latest Consumer Price Index (CPI) reading indicates headline inflation rose slightly in December, exceeding expectations and affirming a rate-cut trend line that the Federal Reserve laid out at its last meeting in ...

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 ...

U.S. consumer prices rose in December due to higher energy costs, leading to the highest inflation in nine months. However, underlying price pressures showed signs of subsiding, raising hopes of tamer inflation readings in the future.

US consumer inflation ... in December was the energy index, which jumped by 2.6 percent, accounting for "over" 40 percent of the monthly increase, according to the Labor Department. In some good news for the Federal Reserve, annual inflation excluding ...