Wholesale prices jump, adding to inflation woes for U.S. consumers
CBSN
Wholesale inflation in the U.S. surged again last month, rising 9.7% from a year earlier, in a sign that price pressures remain high at all levels of the economy.
The Labor Department said Tuesday that its Producer Price Index — which measures inflation before it reaches consumers — jumped 1% from December. The year-over-year increase was down from the record 9.8% recorded in both November and December but was well above what economists had been expecting. Excluding volatile food and energy prices, wholesale inflation rose 0.8% from December and 8.3% from January 2021.
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