Charted: Inflation ticked up in December

Don't wave goodbye to inflation just yet, Nathan writes.

• Prices rose 3.4% in December, compared with a year earlier, federal officials reported today.
• That's more than what was expected, and it's a pickup compared to the 3.1% number for November.

What they're saying: The report "should keep the Fed from declaring victory on inflation," Bank of America economists wrote, though they added that "the overall progress towards the 2% target is undeniably encouraging."

• Sticky inflation though, if sustained, could complicate expectations of near-term interest rate cuts, our Axios Markets colleagues noted.