Overall inflation in the United States accelerated for the third-straight month in December. But the core consumer price index increased slightly less than expected, raising the prospect of another interest-rate cut.

The consumer price index (CPI) rose 2.9 percent year-over-year in December, the largest annual increase since July. When stripping out the more volatile food and energy sectors, core inflation slowed to 3.2 percent, from 3.3 percent.