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Joe Biden’s economy is a disaster.
Wholesale prices rose 0.3% for the month – economists were looking for just a 0.1% increase.
CNBC reported:
Wholesale prices rose more than expected in January, further complicating the inflation picture, according to a U.S. Department of Labor report Friday.
The producer price index, a measure of prices received by producers of domestic goods and services, rose 0.3% for the month, the biggest move since August. Economists surveyed by Dow Jones had been looking for an increase of just 0.1%. PPI fell 0.2% in December.
Excluding food and energy, core PPI increased 0.5%, also against expectations for a 0.1% gain. PPI excluding food, energy and trade services jumped 0.6%, its biggest one-month advance since January 2023.
The report comes just days after the consumer price index showed inflation holding stubbornly higher despite Federal Reserve expectations for moderation through the year. The CPI was up 3.1% from a year ago, down from its December level but still well ahead of the Fed’s goal for 2% inflation.
This is the highest since August 2023.
Breitbart reported:
Wall Street had expected a smaller rise of just 0.1 percent. In December, the index fell by 0.1 percent after rising just 0.1 percent in November.
The surge in January pushed the index up at the fastest pace since August of 2023.
The biggest drivers of the increase were prices of services. The services index jumped 0.6 percent from the prior month, the biggest advance since July of 2023.
Core producer prices—a measure that excludes food, energy, and the trade services metric of retail and wholesale margins—rose 0.6 percent, the biggest jump since January of 2023.
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