The Labor Department released the inflation report for December, which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

South Africa's headline consumer inflation rose less than expected in December, to 3.0% year on year from 2.9% in November, data from the statistics agency showed on Wednesday. In month-on-month terms inflation was at 0.

U.S. inflation picked up last month as gas prices rose sharply, though price gains for other goods and services were more muted.

Canada's annual inflation rate slowed in December, data showed on Tuesday, helped by a sales tax break which kicked off in the middle of the month and brought down prices of alcohol, restaurant foods and children's clothing.

Canada's annual inflation rate slowed to 1.8 per cent in December, according to Statistics Canada, after rising 1.9 per cent in November. Economists polled by Reuters had expected inflation to remain unchanged at 1.