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.

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

Inflation ended 2024 by moving slightly higher. The U.S. Bureau of Labor Statistics reports a 0.4% increase in the Consumer Price Index for All Urban Consu

The Consumer Price Index increased 0.4% in December, compared to the previous month, the Bureau of Labor Statistics reported Wednesday. VIP access to exclusive Just the News newsmaker events hosted by John Solomon and his team.

The annual inflation rate for housing and household services was 6.0% in December 2024, up from 5.8% in November. This compares with a recent peak of 11.8% observed in January and February 2023. On a monthly basis, prices rose by 0.4% in December 2024, compared with a rise of 0.3% a year ago.

The Labor Department's inflation report for the month of December showed that food and energy prices were the primary drivers of stubborn inflation experienced by consumers.

The consumer price index, the cost shoppers pay for a wide range of goods and services, rose faster than expected in December but core items did not make the same jump, according to the latest report

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.

According to the Bureau of Labor Statistics’ latest price inflation data, CPI inflation in December accelerated, while the month-to month increase hit a multi-month high.