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.

UK inflation unexpectedly dipped in December for the first time in three months as hotel prices fell and tobacco costs eased. Prices rose 2.5% in the year to December, down from 2.6% the month before,