US STOCKS SNAPSHOT-Futures gain sharply after inflation data

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 EScv1 were up 79 points, or 1.42%, Nasdaq 100 E-minis NQcv1 were up 330 points, or 1.7%, and Dow E-minis 1YMcv1 were up 447 points, or 1.08%.