The Fed’s next inflation report could show easing of core inflation

The report’s set of figures will be scrutinized by Wall Street.

It’s perhaps the biggest question swirling around the U.S. economy right now: Is inflation stuck at an elevated level — or will last year’s steady decline resume sometime soon?

On Wednesday, the government will issue the latest monthly inflation report, a set of figures that will be scrutinized by economists, Wall Street traders and Federal Reserve officials for any insight into that question. Analysts estimate that...