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.

The latest consumer price index report shows inflation rose 2.9% year-over-year in December, marking three months of consecutive increases. Experts are warning of delays in interest rate cuts and possibly even rate hikes.

Economists expect the consumer-price index, due this morning, to show inflation running at a 2.9% annual clip in December, up from 2.7% a month earlier. With that in mind, here's how inflation has tra