Markets cheered a December inflation report that suggested underlying price pressures are easing, but the Federal Reserve still isn’t likely to cut interest rates anytime soon given President-elect Donald Trump’s plans for the economy.

The Labor Department's inflation report for the month of December showed that food and energy prices were the primary drivers of stubborn inflation experienced by consumers.

The Consumer Price Index rose 2.9 percent from a year earlier, but a measure of underlying inflation was more encouraging.