Yet another inflation gauge came in hot for February
CNN
A jump in energy and fuel costs pushed up US wholesale inflation much faster than expected last month.
Rising energy prices helped to fuel yet another hot inflation reading for February. A closely watched gauge of US wholesale inflation rose at its fastest pace in months, according to new data released Thursday. While a seasonal energy price surge is at the root of the gain, and less-volatile categories are showing signs of a continued cooldown, the latest Producer Price Index is yet another reminder of the arduous process to rein in inflation. The PPI, which measures the average change in prices that producers and manufacturers pay to suppliers, rose 1.6% for the 12 months ended in February, leaping from a 1% increase in January, according to Bureau of Labor Statistics data released Thursday. Economists had projected an annual gain of 1.1% for February. On a monthly basis, PPI rose 0.6%. That’s double economists’ expectations for prices to rise 0.3% for the month. Energy prices soared 4.4% from January and registered the highest monthly increase since August 2023. PPI captures average price shifts before they reach consumers and serves as a potential signal for the prices consumers ultimately end up paying. “The February PPI report was a mixed bag,” Gus Faucher, chief economist for PNC Financial Services, wrote in a note issued Thursday. “Inflationary pressures remain in the pipeline, but with supply and demand continuing to normalize after the pandemic, inflation continues to gradually slow.”
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