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.

Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.

A key measure of consumer prices rose less than expected in December, perhaps calming at least temporarily fresh worries about a recent rebound in inflation. An uptick in inflation since the end of su