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The monthly consumer price index report will be coming out later today. The report covers the month of December and will give investors significant insights into the new year.

According to the economists polled, the general consensus points to a 0.2% increase on a month over month basis, for both headline and core CPI. This marks a slower pace of increase in consumer prices. In November, headline CPI rose 0.3%.

On a year over year basis, inflation is forecast to remain stable at 2.3% on core and 2.0% on the headline. This puts inflation right on the Fed’s inflation rate target. However, despite the increase in inflation, Fed officials will be staying on the sidelines.

This comes as inflation in the United States (as with most parts of other global economies) has become very sluggish. After years of such slow inflation growth, monetary policy officials are willing to let inflation run above target for a while.

Although today’s inflation data is not one of the metrics followed by the Fed...

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