The Federal Reserve’s preferred inflation gauge moved even higher in December, driven in part by rising food and energy prices. However, a closely watched measurement of underlying inflation trends indicated some progress in the fight to rein in price hikes.

On a three-month annualised basis — seen as a more accurate picture of the trajectory of inflation — the core PCE price gauge rose 2.2pc, the least since July.

The Consumer Price Index report for January is expected to show broadly unchanged annual inflation according to nowcasts. That may be broadly good news for the Fed.

Knowing when to switch bank accounts can be stressful, especially as inflation rises. Find out how to know it's time to switch.

Of course, you probably don’t spend on the exact same things, or buy the exact same amount, as people on the other side of the country – or even your neighbours – which is why the inflation measure isn’t a perfect fit for specific households.

The personal consumption expenditures (PCE) price index rose 0.3% last month after an unrevised 0.1% gain in November, the Commerce Department said on Friday. Economists polled by Reuters had forecast the PCE price index climbing 0.3%. In the 12 months through December, the PCE price index advanced 2.6% after rising 2.4% in November.

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Germany's annual consumer price inflation dropped to 2.3% in January, down from 2.6% in December and below market expectations of 2.6%, a preliminary estimate showed. The Consumer Price Index in Germany decreased 0.

“The Fed’s prognosis is for a slower pace of monetary easing moving forward, as the economy is doing well and prices are only slowly returning to target in an environment of great uncertainty,” said Carl Weinberg, chief economist at High Frequency Economics. “These data support that strategy.”

Core consumer prices in Japan's capital rose 2.5 per cent in January from a year earlier, data showed on Friday, keeping alive market expectations for further interest rate hikes.The increase in the Tokyo core consumer price index (CPI),

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 0.7% in December after an upwardly revised 0.6% rise in November. Spending was previously reported to have gained 0.4% in November.