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.

U.S. inflation accelerated last month as prices for gas, eggs, and used cars rose, yet underlying price pressures also showed signs of easing, bolstering hopes that the Federal Reserve could still cut its key interest rate this year.

The Labor Department released the inflation report for December which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

The Consumer Price Index rose 2.9 percent from a year earlier, but a measure of underlying inflation was more encouraging.

Inflation picked up in late 2024, fueled by an increase in gas prices, the latest sign of stalled improvement on lowering prices as President-elect Donald Trump prepares to take office. The consumer price index increased by 2.

Annual inflation ticked up for a third straight month in December as food, energy costs rose, CPI report showed. But underlying price measure eased.

Israel's inflation eased more than expected in December to end 2024 at a rate of 3.2% versus 3.0% in 2023, according to data on Wednesday from the Central Bureau of Statistics that could entice policymakers to start reducing interest rates soon.

The December inflation report shows that inflation rose by 0.4% month over month and 2.9% year over year. NBC News' Brian Cheung and Editor-in-Chief at Investopedia Caleb Silver break down the latest economic data.

WASHINGTON—U.S. inflation picked up last month as gas prices rose sharply, though price gains for other goods were more muted. The consumer price index rose 0.4% in December from November and finished the year up 2.

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.