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The U.S. Labor Department’s report showed that consumer prices increased by 7.1% on an annual basis in November following a 7.7% rise in October. Economists were expecting 7.3% rise last month.
The core rate, which excludes volatile food and energy prices, rose 6%, against expectations of 6.1%, following a 6.3% rise in October.
Expectations that the U.S. central bank will increase the benchmark rate by 50 basis points on Wednesday shot up to 97%with the rates seen peaking in May 2023 at 4.86%.
At 8:32 a.m. ET, Dow e-minis were up 849 points, or 2.5%, S&P 500 e-minis were up 114.75 points, or 2.87%, and Nasdaq 100 e-minis were up 411 points, or 3.51%.
