Yet another inflation gauge came in hot for February
(CNN) — Higher gas and energy costs resulted in US wholesale inflation coming in hotter than expected last month.
Posted — UpdatedThe Producer Price Index, which measures the average change in prices that businesses pay to suppliers, rose 1.6% for the 12 months ended in February, jumping from a 1% increase in January, according to Bureau of Labor Statistics data released Thursday.
On a monthly basis, PPI rose 0.6%. That’s double economists’ expectations for prices to rise 0.3% for the month.
When stripping out food and energy prices — categories that tend to be more volatile — “core” PPI rose 0.3% for the month, a slowdown from a 0.5% jump in January. On an annual basis, core wholesale inflation measured 2%, in line with the yearly increase seen in January.
This story is developing and will be updated.
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