US wholesale prices remained high last month, a sign progress on inflation may have stalled
CNN
US wholesale inflation remained stubbornly elevated last month, another sign that even higher prices could be ahead for American shoppers.
US wholesale inflation remained stubbornly elevated last month, another sign that even higher prices could be ahead for American shoppers. The Producer Price Index, a measurement of average price changes seen by producers and manufacturers, rose 0.4% on a monthly basis and 3.5% for the 12 months ended in January. That held steady with December, which was upwardly revised to 3.5% according to Bureau of Labor Statistics data released Thursday. PPI serves as a potential bellwether for retail-level inflation in the months ahead. On Wednesday, the latest Consumer Price Index came in hotter than expected. The overall PPI index was driven higher by fast-rising food and energy prices, including a 10.4% jump in diesel fuel. Wholesale-level egg prices soared 44% in January, according to PPI data. Egg prices have been on the rise amid a deadly bout of avian flu. PPI is holding at its highest annual rate since February 2023.
It’s not just eggs. Many commonly purchased goods and services got more expensive in January, driving inflation in the wrong direction and to its highest rate since June of last year.
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