US inflation accelerated in December as Americans paid more for housing and driving, challenging investor bets that the Federal Reserve will cut interest rates soon. The consumer price index increased 3.4% in the year through December, the most in three months according to government figures. On a monthly basis, it also rose by more than forecast. The CPI excluding food and energy rose 0.3% in December from a month earlier. On an annual basis, the so-called core measure increased 3.9%. Economists favor the core metric as a better gauge of the trend in inflation than the overall CPI. The Bureau of Labor Statistics ... (full story)