The producer price index was expected to rise 0.5% in January, according to economists surveyed by Dow Jones.
Prices at the wholesale level jumped twice the expected level in January as inflation pressures were unabated to start the year, the Labor Department said Tuesday.
Excluding food, energy and trade services, co-called core PPI increased 0.9% for the month, well ahead of the 0.4% estimate. For the 12-month period, the measure increased 6.9%. Both core and headline PPI gains over the year were 0.1 percentage point lower than the record levels hit in December 2021.
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