Inflation picked up speed in December as the U.S. economy showed unexpected signs of strength at the end of 2024.
The consumer price index (CPI) rose 0.4 percent in the final month of 2024 and ended the year up 2.9 percent, according to data released Wednesday by the Labor Department.
Economists expected the annual inflation rate to hit 2.9 percent and prices to rise 0.3 percent on the month, according to consensus estimates.
The new inflation numbers come as the Federal Reserve faces a crossroads with President-elect Trump set to take office Monday.
The Fed ended 2024 with three consecutive rate cuts meant to bring borrowing costs down from two-decade highs. But as the job market rallied and inflation picked up to close out the year, the Fed signaled it would not cut rates as quickly in 2025.
Fed officials are also concerned about the potential for Trump's tariff and immigration agenda to boost prices even further, according to notes from internal meetings released by the central bank.
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