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Strong rise in U.S. consumer prices gives Fed little respite

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By Howard Schneider WASHINGTON (Reuters) – U.S. consumer inflation running at levels not seen in more than a generation will keep the Federal Reserve on track with interest rate hikes and other changes expected in coming months to try to tame the surge in prices. That’s the take from economists and analysts as year-over-year inflation hit 7% in December, with price increases spreading to a broader set of goods and services, according to the latest Consumer Price Index (CPI) data released on Wednesday. Coupled with ongoing wage hikes and rising costs for long-lasting consumer goods, the Decembe…

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