US wholesale prices up a hotter-than-expected 0.4% in December
US wholesale prices came in hotter than expected last month at a time when progress against inflation appears to have stalled, undercutting expectations for lower interest rates this year.
The Labor Department reported Thursday that its producer price index — which tracks inflation before it reaches consumers — rose 0.4% from December and 3.5% from January 2024. Forecasters had expected a 0.2% change month over month and 3.2% year over year.
Excluding volatile food and energy prices, so-called core producer prices rose 0.3% last month from December and 3.6% from a year earlier.
Wholesale services prices rose 0.3%, pushed higher by increasing hotel costs. Goods services climbed 0.6% on higher energy prices.
The wholesale price report arrived a day after the Labor Department delivered some bad news about inflation at the consumer level. Its consumer price index rose 3% in January from a year ago, up from a 2.9% year-over-year increase in December.
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