Inflation at the wholesale level rose more than expected in January, the latest sign that painfully high consumer prices could take some time to dissipate.
The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.7% in January from the previous month. On an annual basis, prices are up 6%.
Those figures were both higher than the 5.4% headline figure and 0.4% monthly increase forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with the most aggressive interest rate hike campaign since the 1980s.
This is a developing story. Please check back for updates.
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