(Reuters) - U.S. stock index futures moved lower on Wednesday as a hotter-than-expected consumer inflation report fueled fears that the Federal Reserve will not cut interest rates anytime soon.

Data from the Labor Department showed the consumer price index rose 3% on an annual basis in January, versus the 2.9% increase forecast by economists polled by Reuters. On a monthly basis, the index rose 0.5%, compared to an estimated 0.3% rise.

The core figure, which excludes volatile food and energy components, rose 0.4% on a monthly basis against an expectation of a 0.3% advance. Annually, it came in at 3.3%, versus an estimated 3.1% increase.

At 08:30 a.m. ET, Dow E-minis were down 379 points, or 0.85%, S&P 500 E-minis were down 53.25 points, or 0.87%, and Nasdaq 100 E-minis were down 183.75 points, or 0.84%