The Labor Department released the inflation report for December, which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

The closely scrutinized monthly consumer-price index is due at 8:30 a.m. ET. Here are some key points to know ahead of the report: Economists expect annual inflation to come in at 2.9% as of December,

The cost of living rose more in December than the month before, as rising energy costs hurt household budgets and stoked inflation. However, "core" prices were cooler, providing some hope for lower inflation in the coming months.