CNN
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US wholesale inflation remained stubbornly elevated last month, a sign that higher prices could be ahead for American shoppers.
The Producer Price Index, a measurement of average price changes seen by producers and manufacturers, rose 0.4% on a monthly basis and 3.5% for the 12 months ended in January. That held steady with December, which was upwardly revised to 3.5% according to Bureau of Labor Statistics data released Thursday.
PPI is holding at its highest annual rate since February 2023.
Economists were expecting producer-level prices to slow to 3.2% annually, according to FactSet consensus estimates.
PPI serves as a potential bellwether for retail-level inflation in the months ahead. On Wednesday, the latest Consumer Price Index came in hotter than expected.
This story is developing and will be updated.
