Wholesale inflation accelerates more than expected in January

February 16, 2024 at 08:32 AM EST

The Labor Department said Friday the producer price index climbed faster than expected in January, underscoring the difficulty of taming high inflation.

The Labor Department said Friday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, jumped 0.3% in January from the previous month. On an annual basis, prices remain up 0.9%.

Those figures are both higher than the 0.1% monthly gain and the 0.6% annual figure predicted by Refinitiv economists.

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