WASHINGTON, Feb 9 Reuters U.S. monthly consumer prices rose less than initially estimated in December, but underlying inflation remained a bit warm, a mixed picture that did not shift expectations on the timing of an anticipated interest rate cut from the Federal Reserve this year.

The annual revisions published by the Labor Department on Friday also showed the consumer price index increasing slightly more than previously reported in October and November.

The revised CPI data had been eagerly awaited by financial markets and economists after Federal Reserve Governor Christopher Waller last month flagged them as among the key data pieces he would be watching as policymakers try to gauge progress in their fight against inflation.

The revisions were much ado about nothing, said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin. This is becoming a trend where a Fed official mentions a data release once and then everyone waits with bated breath only to find out that its a bunch of noise.

The consumer price index rose 0.2 in December instead of 0.3 as reported last month, the revisions of the CPI data published by the Labor Department39;s Bureau of Labor Statistics BLS showed. But data for November was revised up to show the CPI increasing 0.2 rather than 0.1 as previously estimated.

The CPI gained 0.1 in October. Prices were previously reported to have been unchanged in October.

The revisions emanated from the recalculation of…