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.

US inflation continued to heat up at the end of 2024. The consumer price index rose 2.9% year-over-year in December, above November's 2.7% rate.

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.

British inflation unexpectedly slowed to an annual rate of 2.5% in December from 2.6% in November, official figures showed on Wednesday.

UK inflation fell last month but remains above the Bank of England's target. Prices rose 2.5% in the year to December, down from 2.6% the month before, the Office for National Statistics (ONS) said. The latest figures come after pressure has increased on the public finances in recent days due to government borrowing costs hitting their highest level for several years.