A key inflation metric showed wholesale prices picked up in January from December but continued to cool on an annual basis, according to data released by the Bureau of Labor Statistics
The Producer Price Index, which measures what suppliers are charging businesses, rose 6% for the year ending in January. That’s down from December’s revised 6.5% and is at its lowest level since March 2021. On a monthly basis, US producer prices jumped by 0.7% from December. It’s the largest month-on-month gain since June 2022, BLS data shows. Economists were projecting year-over-year growth of 5.4% and a monthly gain of 0.4%, according to Refinitiv estimates.
Because the producer-centric index captures price shifts upstream of the consumer, it’s sometimes looked to as a potential leading indicator of how prices may eventually land at the store level. “January’s PPI report is a setback in the battle against inflation,” Kurt Rankin, PNC’s senior economist, wrote in a note Thursday. “PPI increases translate into CPI gains with a lag as producers pass their costs — both in terms of raw materials and in transportation of goods to market — on to consumers.
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