Annual inflation in the United States climbed to 2.9% in December 2024, marking its third consecutive monthly increase and aligning with market expectations. This steady rise, up from 2.7% in November,

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.

Energy costs jumped in December, with the acceleration accounting for 40% of the total increase in the consumer price index last month. The index for energy rose 2.6% month over month in December, a dramatic increase from the 0.

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.