Wednesday’s report from the Labor Department showed that the consumer price index rose 2.9 percent in December from a year ago, the highest since July, up from 2.7 percent in November. It was the third straight increase after inflation fell to a 3 1/2 year low of 2.4 percent in September.

U.S. producer prices rose less than expected in December as higher costs for goods were partially offset by stable services prices, suggesting inflation remained on a downward trend after progress had stalled in recent months.