The Labor Department reported a larger-than-expected increase in wholesale prices in January, raising concerns about persistent inflation. The producer price index, which tracks inflation before it reaches consumers, rose 0.4% from December and 3.5% from January 2024. Excluding volatile food and energy prices, core producer prices also increased. This unexpected uptick in wholesale prices follows a recent increase in the consumer price index, suggesting that inflation may be harder to tame than anticipated. Economists are closely watching these developments as they assess the potential impact on the Federal Reserve's monetary policy.
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Wholesale services prices rose 0.3%, pushed higher by increasing hotel costs. Goods services climbed 0.6% on higher energy prices. Inflation flared up in early 2021 as the economy rebounded with unexpected strength from COVID-19 lockdowns, overwhelming factories, ports and freight yards and leading to shortages, delays and higher prices.
INFLATION WHOLESALE PRICES CONSUMER PRICES FED ECONOMY
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