The closely scrutinized monthly consumer-price index is out. Here are the key points: Inflation picked up in December, as gas prices rose sharply, though price gains for other goods were more muted. Annual inflation was 2.

New data from the Bureau of Labor Statistics out Wednesday showed that a key inflation metric eased for the first time since July. On a "core" basis, which strips out the more volatile costs of food and gas,

The cost of living rose more in December than the month before, as rising energy costs hurt household budgets and stoked inflation. However, "core" prices were cooler, providing some hope for lower inflation in the coming months.