January wholesale prices rise more than expected, another sign of persistent inflation

February 16, 2024

Wholesale prices rose more than expected in January, further complicating the inflation picture, according to a U.S. Department of Labor report Friday. The producer price index, a measure of prices received by producers of domestic goods and services, rose 0.3% for the month, the biggest move since August. On a core basis, which the Fed focuses on more as a longer-term gauge of inflation, the CPI was up 3.9%. Stock market futures moved lower after the PPI report and Treasury yields surged. However, excluding food, energy and trade services, the index rose 2.6%.