US Inflation Unexpectedly Surges to 3.4 Percent as Price Pressures Persist

The U.S. annual inflation surged to 3.4 percent in December as price pressures continue to be sticky across the marketplace, according to the Bureau of Labor Statistics (BLS). The latest reading was up from 3.1 percent in November and topped economists’ expectations of 3.2 percent. The consumer price index (CPI) rose 0.3 percent monthly, up from 0.1 percent in November and slightly higher than the consensus estimate of 0.2 percent. Core inflation, which strips the volatile energy and food components, slowed to 3.9 percent last month, down from 4 percent in the previous month. This also came in higher than the market forecast of 3.8 percent. The core CPI jumped 0.3 percent, unchanged from the previous month and in line with expectations....