US inflation outstripped forecasts in December, hitting 3.4 per cent on an annual basis and dimming market expectations that interest rates would fall as soon as March.
Economists had expected a rise of 3.2 per cent, up from 3.1 per cent in November.
The core rate also came in higher than economists had hoped, in an apparent vindication of the US Federal Reserve’s caution over cutting rates from their 23-year-high.
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