The Biden administration weighs in on the January CPI report as inflation plagues U.S. FOX Business’ Ed Lawrence with the latest.
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 on a monthly basis, prices rose 1% in January – 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.
This is a developing story. Please check back for updates.
