Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

U.S. Consumer Price Index report, due out on Wednesday, is expected to reveal a nudge upward in the headline inflation rate, while the core remained steadfast. With recent remarks from Federal Reserve officials signaling a more cautious and gradual approach to interest-rate cuts on the back of resilient economic data,

A key inflation metric eased for the first time since July as investors debate the Federal Reserve's next interest rate decision.