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.

Managing partner and Chief Investment Officer of the Armstrong Advisory Group, Chuck Zodda breaks down this week's financial news including the CPI Inflation report.

Disinflation in key areas of consumer prices should help the Federal Reserve stick to its policy path of gradual cuts to interest rates.

Federal Reserve Bank of Richmond President Tom Barkin said fresh inflation data show the central bank continues to see progress on lowering inflation toward its 2% goal, but that interest rates should remain restrictive.

Bitcoin rose modestly early Wednesday after investors reacted to the latest U.S. inflation reading. The world’s largest cryptocurrency was up 2.7% over the past 24 hours to $98,863, according to CoinDesk data.

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.

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

The Bureau of Labor Statistics released the consumer price index report for December earlier today. What the inflation data means for the Fed and interest rates.

U.S. inflation data for December indicates price pressures are continuing to ease, Richmond Federal Reserve President Thomas Barkin said on Wednesday after a government report showed that an important underlying measure of price increases had slowed last month.

Recently, progress on inflation appeared to be stuck or, at worst, reversing: A closely watched gauge of underlying price hikes — an index that excludes highly volatile categories — hadn’t budged for months.