Inflation Ticks Up to 2.9%, but Underlying Price Gains Are Muted

U.S. inflation picked up last month as gas prices rose sharply, though price gains for other goods were more muted.

The consumer price index rose 0.4% in December from November and finished the year up 2.9%. Economists surveyed by The Wall Street Journal had expected the CPI to advance 0.3% last month from November and 2.9% from December 2023.