U.S. stock index futures rose Wednesday after key inflation data showed price pressures cooled more than expected, boosting hopes for interest-rate cuts later this year.

A Labor Department report showed the Consumer Price Index was unchanged on a monthly basis, where it was expected to rise 0.1%. On an annual basis, inflation rose 3.3%, lower than economists' expectation of a 3.4% increase.

CPI, excluding volatile food and energy prices, rose 0.2% compared with expectations of a 0.3% rise, while core inflation rose 3.4% on an annual basis versus a forecast of 3.5%.

At 8:49 a.m. ET, Dow e-minis were up 262.00 points, or 0.67%, S&P 500 e-minis were up 40.75 points, or 0.76%, and Nasdaq 100 e-minis were up 180.25 points, or 0.94%.

• Inflation Plateaus at 3.3%, Delaying Interest Rate Cuts