U.S. inflation increased by the most in eight months in December amid robust consumer spending on goods and services, suggesting the Federal Reserve would probably be in no hurry to resume cutting interest rates soon.

A spike in energy prices helped to lift the headline PCE price index in December. The combined cost of gasoline, electricity, and other energy goods and services jumped 2.7% durin

The measure of price increases targeted by the Fed sped up in December, reflecting a stubborn spell of inflation that remains modestly higher than the central bank’s target.

U.S. prices increased in December while consumer spending surged, suggesting that the Federal Reserve could delay cutting interest rates for some time this year. The personal consumption expenditures (PCE) price index rose 0.