Wednesday’s report from the Labor Department showed that the consumer price index rose 2.9 percent in December from a year ago, the highest since July.

Inflation probably picked up in late 2024, fueled by robust household spending amid a strong economy. A key gauge of inflation — the consumer price index — is expected to show Wednesday morning that prices rose by 2.9 percent in December from a year earlier, according to economists’ forecasts of data released by the Bureau of Labor Statistics.

An inflation report to be released on Wednesday will provide an update on the issue raised by many Americans as their top economic concern, just days before the inauguration of President-elect Donald Trump.

President-elect Donald Trump will re-enter the White House next week against a more challenging economic backdrop than when he was sworn in for the first time in 2017 — starting with the threat of inflation.

Donald Trump's policies are not likely to cause inflation to reignite as many analysts fear, one of the president-elect's longtime economic advisors told AFP Tuesday, less than a week before

The Indian rupee is likely to open marginally higher on Wednesday as the dollar retreats in the lead up to U.S. inflation data that will give cues on the direction of U.S. interest rates. The 1-month non-deliverable forward indicated that the rupee will open at 86.

On Wednesday, a strong dollar rally slowed down as traders were a little more cautious. They awaited a crucial U.S. consumer inflation report that was expected later in the day, keeping investors from making their big moves.