Wholesale Inflation Jumps 1.6% Annually in February, Fueled by Surging Energy Prices

Wholesale inflation rose 1.6% annually in February, faster than expected, driven by a surge in energy prices
On a monthly basis, the Producer Price Index rose 0.6% in February, double what economists predicted
While energy drove the gains, core PPI still rose 0.3% monthly, signaling continued inflationary pressures
The hot PPI data follows a similarly high CPI inflation reading earlier this week
The reports keep pressure on the Fed to stay aggressive in raising rates to combat stubborn inflation