March 12 (Reuters) - U.S. stock index futures gained

sharply on Wednesday after signs of cooling inflation offered

investors some respite as they look for clues on the Federal

Reserve's monetary policy trajectory this year.

Labor Department data showed the Consumer Price Index rose

2.8% on an annual basis in February versus the 2.9% increase

forecast by economists polled by Reuters. On a monthly basis,

the index rose 0.2%, compared to an estimated 0.3% rise.

The core figure, which excludes the volatile food and energy

components, rose 0.2% on a monthly basis against an expectation

of a 0.3% advance. Annually, it came in at 3.1%, versus an

estimated 3.2% increase.

At 08:32 a.m. ET, U.S. S&P 500 E-minis were up

79 points, or 1.42%, Nasdaq 100 E-minis were up 330

points, or 1.7%, and Dow E-minis were up 447 points, or

1.08%.