Inflation Stays High as Wholesale Prices Rise More Than Expected
-
Wholesale and retail prices rose more than expected in January, indicating stubborn inflation that could lead the Fed to delay interest rate cuts.
-
The producer price index (PPI) rose 0.3% in January, higher than the 0.1% expectation, showing businesses are paying more for goods and services.
-
Service prices increased 0.6% and goods prices decreased 0.2% in January on a monthly basis.
-
Annually, wholesale prices were 3.7% lower in January 2023 than in January 2022.
-
U.S. stocks fell as investors weighed higher-than-expected inflation data, which points to the difficulty the Fed faces in getting inflation to its 2% target.