Market Updates
Producer Prices Rise Fastest In Five Months In January
Brian Turner
16 Feb, 2024
New York City
Producer prices, a measure of wholesale price inflation, in January rose 0.3% from the previous month and advanced 0.9% from a year ago, the U.S. Bureau of Labor Statistics reported Friday.
The latest bout of inflation was driven by a 0.6% rise in prices for services, but goods price inflation inched lower by 0.2%, a decline for the fourth month in a row, and was driven by a 3.6% fall in gasoline prices.
A 2.2% increase in the price of hospital outpatient care was a major factor in the January rise in prices for final demand services.
The cost of chemicals and allied products wholesaling, machinery and equipment wholesaling, portfolio management, traveler accommodation services, and legal services also moved higher.
Core PPI, which excludes foods, energy, and trade services, rose 0.6% from the previous month in January, the largest advance since moving up 0.6% in the month a year ago.
For the 12 months ended January 2024, core PPI increased by 2.6%.
The second inflation report follows the hotter-than-expected consumer price inflation report earlier this week.
Consumer price inflation in January eased to a 3.1% annual pace in January from 3.4% in December, the bureau reported on Tuesday.
The 10-year Treasury yield jumped above 4.3% and the 2-year Treasury yield advanced above 4.7% after the release of producer price inflation data.
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