This Week in Business: Consumer prices, wholesale prices, big bank earnings

Eye on prices

The Labor Department on Thursday issues its December report on prices at the consumer level.

Economists expect that inflation edged up to 3.2% as measured by the consumer price index. Overall, inflation has been steadily cooling since the Federal Reserve started raising its benchmark interest rate in 2022. The central bank's goal was to tame high prices by slowing economic growth.

Consumer price index, annual percent change, not seasonally adjusted:

July: 3.2

Aug.: 3.7

Sept.: 3.7

Oct.: 3.2

Nov.: 3.1

Dec. (est.) 3.2

Source: FactSet

Wholesale price check

The government releases its December report on prices at the wholesale level on Friday

The producer price index measures inflation before businesses pass costs along to consumers. The rate of growth edged lower in November after falling sharply in October. Movement for prices at the wholesale level can provide more insight into potential future movement for consumer prices. Inflationary pressure has been easing under the weight of higher interest rates.

Producer price index, annual percent change, seasonally adjusted:

June: 0.3

July: 1.1

Aug.: 1.9

Sept.: 2

Oct.: 1.2

Nov.: 0.9

Source: FactSet

Big bank earnings

Several banking giants will report their latest financial results on Friday, signaling the start of a busy earnings season.

Bank of America, JPMorgan Chase, Citigroup and Wells Fargo will all report results. Big banks have been cautious about a potential slowdown in consumer spending and the economy's path ahead. Their latest reports could give investors more insight into consumer health, lending levels and credit habits.