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.

The consumer price index increased by 2.9 percent in December from a year earlier, the Labor Department reported Wednesday, in line with economists’ expectations and hotter than a 2.7 percent rise in November. It was also above a 2.6 percent annual increase in October.

By Johann M Cherian and Sukriti Gupta (Reuters) -Strong quarterly results from Wall Street's biggest banks pushed U.S. stock index futures higher on Wednesday as investors awaited a crucial inflation report due later in the day.

Data Tuesday showed wholesale inflation slowing, but bigger price gains in key categories that feed into the Fed’s preferred inflation gauge contained excitement about rate cuts