Inflation probably picked up in late 2024, fueled by robust household spending amid a strong economy. A key gauge of inflation — the consumer price index — is expected to show Wednesday morning that prices rose by 2.

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.

Wholesale prices rose a seasonally adjusted 0.2% in December, half of what Wall Street forecasters believe would jump while the rate for the core producer price index over the same period remained flat,