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.

The closely scrutinized monthly consumer-price index is out. Here are the key points: Inflation picked up in December, as gas prices rose sharply, though price gains for other goods were more muted. Annual inflation was 2.