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.

U.S. consumers spent more in December, saved less and pushed more debt to credit cards. The PCE index found consumers saving at a 3.8% rate, down from November’s 4.1%. A report

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.