Wholesale Inflation Tops Forecasts Again, Fueling Concerns of Persistent Inflation and Fed Rate Hikes

Wholesale inflation rose 0.3% monthly and 0.9% annually in January, exceeding economists' forecasts
Core wholesale inflation, excluding food and energy, climbed 0.5% monthly and 2% annually, underscoring persistent inflation
Consumer price inflation data released earlier also topped forecasts, fueling inflation concerns
Higher-than-expected inflation readings may slow Federal Reserve interest rate cuts expected later in 2024
The PPI is seen as a leading indicator of consumer inflation, signaling continued challenges taming price growth