U.S. inflation data for December indicates price pressures are continuing to ease, Richmond Federal Reserve President Thomas Barkin said on Wednesday after a government report showed that an important underlying measure of price increases had slowed last month.

Inflation rose 2.9% on an annual basis in December, with the latest Consumer Price Index illustrating the Federal Reserve's challenge in battling stickier-than-expected price increases.

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.

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.

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, 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.

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.

While the overall consumer price index rose, the core measure that omits food and energy costs was below estimates.

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 0.4% last month, slightly more than economists polled by Reuters had expected,

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 ...

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