Wednesday’s report from the Labor Department showed that the consumer price index rose 2.9 percent in December from a year ago, the highest since July, up from 2.7 percent in November. It was the third straight increase after inflation fell to a 3 1/2 year low of 2.4 percent in September.

Disinflation in key areas of consumer prices should help the Federal Reserve stick to its policy path of gradual cuts to interest rates.