The Labor Department released the inflation report for December, which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

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.

World stocks are mixed follow Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of the Federal Reserve’s rate cuts.

The Indian rupee is likely to open marginally higher on Wednesday as the dollar retreats in the lead up to U.S. inflation data that will give cues on the direction of U.S. interest rates. The 1-month non-deliverable forward indicated that the rupee will open at 86.