The consumer price index is expected to show a 2.7% 12-month inflation rate for November, up one-tenth of a percentage point from October. Core CPI is forecast at 3.3%, or unchanged from October. Traders in futures market nevertheless are placing huge odds that policymakers again will cut their benchmark short-term borrowing rate by a quarter percentage point The report will be released Wednesday at 8:30 a.

The Consumer Price Index Likely Changed Little In November, Forecasters Say Forecasters say the year-over-year inflation rate likely accelerated in November, anticipating Wednesday's Consumer Price Index report.

November's Consumer Price Index will serve as the latest test of whether an inflation resurgence is a risk to the US economy as the Federal Reserve debates its next interest rate decision.