High Inflation Keeps Pressure on Fed to Dial Back Stimulus Faster

The latest strong inflation report strengthens the case for Federal Reserve officials to agree next week to accelerate the wind-down of their stimulus efforts, clearing the way for them to potentially lift interest rates in the spring.

Consumer prices in November rose 6.8% from a year earlier, a 39-year high, the Labor Department reported Friday. Excluding volatile food and energy categories, so-called core inflation rose 4.9% in November.