The Consumer Price Index increased 0.4% in December, compared to the previous month, the Bureau of Labor Statistics reported Wednesday. VIP access to exclusive Just the News newsmaker events hosted by John Solomon and his team.

The consumer price index, the cost shoppers pay for a wide range of goods and services, rose faster than expected in December but core items did not make the same jump, according to the latest report

U.S. consumer prices increased slightly more than expected in December amid higher costs for energy goods, pointing to still elevated inflation that aligns with the Federal Reserve's projections for fewer interest rate cuts this year.