US consumer inflation sped up in December, rising 2.9% vs. the year-ago level. The faster pace marks the third straight month that the consumer price index at the headline level picked up. The current rate is the highest since July. The core rate of CPI, by contrast, ticked lower to 3.2%, which is holding within a tight 3%-plus range that’s prevailed recently. “When you step back and look at the overall state of inflation, we’re not really going anywhere,” says Sarah House, senior economist at Wells Fargo. “While there has been progress, the pace has been really disappointing.”
