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.

The measure of price increases targeted by the Fed sped up in December, reflecting a stubborn spell of inflation that remains modestly higher than the central bank’s target.

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.

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