There have been some troubling signs of inflation expectations picking up. The University of Michigan’s gauge of consumer expectations for price rises over the coming 5 to 10 years jumped to 3.3% in the preliminary January reading -- the highest since 2008.

The closely scrutinized monthly consumer-price index is due at 8:30 a.m. ET. Here are some key points to know ahead of the report: Economists expect annual inflation to come in at 2.9% as of December,