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Tuesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines with Jane King.

Consumer Price Index due out Tuesday

The report is expected to show that inflation slowed again last month — although price increases facing U.S. consumers remain near 40-year highs — even as the Federal Reserve raises interest rates at the fastest pace in decades.

While falling oil prices likely sent headline inflation lower last month, economists at Bank of America said in a recent note that the potential decline in core prices may only be the result of holiday discounting and a decline in used car prices, while housing — the single largest share of the consumer price index — is expected to remain sticky.

Federal Reserve expected to hike interest rates this week

The Federal Reserve is all but guaranteed to announce plans Wednesday to once again raise interest rates, but some investors are hopeful it will be a smaller increase than the last four hikes. Traders are betting on just a half-point increase.

CVS, Walgreens agree to $10B opioid settlement

CVS and Walgreens have agreed to pay state and local governments a combined total of more than $10 billion to settle lawsuits over their role in the opioid abuse epidemic.

The deals are among the largest in a wave of proposed and finalized settlements over opioids in recent years. Another big pharmacy operator, Walmart, agreed to a settlement last month for $3 billion.

Indiana is set to receive a combined $219 million from CVS and Walgreens and $59.4 million from Walmart.

Opioids have been linked to more than 500,000 deaths in the U.S. in the past two decades, with the most casualties in recent years.

Supreme Court rejects attempt to halt ban on flavored tobacco products

The U.S. Supreme Court rejected a bid from the tobacco industry to block a California ban on flavored tobacco products.

The emergency plea was brought by R.J. Reynolds, a unit of British American Tobacco, and other major tobacco companies seeking to stop or delay the measure, which is set to take effect next week.

Airbnb introduces New Year’s Eve restrictions

Airbnb is attempting to tackle disruptive parties and neighborhood nuisance by limiting certain guests who are making one-night bookings around New Year’s Eve this year, the popular rental company says.

Airbnb said in a news release it plans to place bans on some guests who request one-day bookings.