Wholesale prices surge 1.3% in January, led by energy spike
Posted February 17, 2021 6:00 am
WASHINGTON (AP) - U.S. wholesale prices surged 1.3% in January, pushed higher by a big jump in energy costs.
The bigger-than-expected increase in the producer price index, which measures inflation pressures before they reach consumers, was the largest one-month gain on records that go back to 2009, according to the Labor Department on Wednesday. It followed much milder inflation readings of 0.3% in December and 0.1% in November.
The big jump, which reflected higher costs for energy and services, left wholesale prices rising over the past 12 months by 1.7%, the largest 12-month increase in a year. Core inflation, which excludes volatile energy and food, rose 1.2% in January, and 2% over the past 12 months.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.