https://www.foxbusiness.com/economy/producer-prices-inflation-january-2022
Wholesale prices accelerated again in January as strong consumer demand and pandemic-related supply chain snarls continued to fuel the highest inflation in decades.
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, surged 9.7% in January from the year-ago period, slightly below the 12-year high of 9.8% notched in November and December. But in an unexpected turn, prices rose 1% in January on a monthly basis – well above the revised gain of 0.4% in December.
Economists surveyed by Refinitiv expected producer inflation to rise by 9.1% on an annual basis and 0.5% from the previous month.
Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.9% for the month, well above the 0.4% estimate. Over the past 12 months, core prices were up 6.9% – nearly matching the record level hit in 2021.
INFLATION PROBABLY COSTING MOST AMERICANS AN EXTRA $276 A MONTH