The Pro-Trump News homepage sees 60 new headlines every 24 hours. Click here to take a look.
Joe Biden’s economy is a disaster.
Wholesale prices rose 0.3% in the month, but economists had expected a rise of just 0.1%.
Wholesale prices rose more than expected in January, further complicating the inflation picture, according to a report released Friday by the U.S. Department of Labor.
The producer price index, which measures the prices domestic producers of goods and services receive, rose 0.3% in the month, the largest increase since August. Economists surveyed by Dow Jones had expected an increase of just 0.1%. PPI fell by 0.2% in December.
Core PPI, which excludes food and energy, rose 0.5%, also against expectations for a 0.1% rise. The PPI, which excludes food, energy and trade services, rose 0.6%, the largest single-month increase since January 2023.
The report was released days after the Consumer Price Index showed inflation remained high despite the Federal Reserve’s expectations that inflation would moderate throughout the year. The CPI rose 3.1% from a year ago, down from December levels but still well above the Fed’s 2% inflation target.
This is the highest level since August 2023.
Wall Street had expected a small increase of just 0.1%. The index fell 0.1% in December after rising just 0.1% in November.
January’s sharp rise pushed the index to its fastest pace since August 2023.
The biggest factor in the increase was service prices. The service index increased by 0.6% from the previous month, the largest increase since July 2023.
Core producer prices (excluding food, energy, trade and services indicators showing retail and wholesale margins) rose 0.6%, the largest increase since January 2023.
advertisement
