Inflation rate ticks up in December despite high interest rates

The consumer price index, the top measure for inflation in the U.S., increased in December to 3.4% in the 12- month period ending in December, which was up from 3.1% in November. The U.S. inflation rate remained relatively steady in the last half of 2023, staying between 3% and 3.7%. The U.S. inflation rate in December 2022 was 6.5%.