Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

Managing partner and Chief Investment Officer of the Armstrong Advisory Group, Chuck Zodda breaks down this week's financial news including the CPI Inflation report.

Key Takeaways The Consumer Price Index rose 2.9% in December, accelerating from a 2.7% annual increase in November.Core inflation rose 3.2% over the year, down from 3.3% in November, providing optimism for the trajectory of the cost of living.