Prices charged by producers rose 1 percent in January, according to data released Tuesday by the Labor Department, twice the jump projected by economists.
The producer price index (PPI) for final demand, which tracks wholesale prices for goods and services, rose far higher than the 0.5 percent consensus estimate in January. On an annual basis, the PPI for final demand was up 9.7 percent, in line with a record set in December.
Supply chain disruptions, labor shortages, COVID-19 containment measures and other pandemic-related obstacles have hindered manufacturers and suppliers from meeting a rush of consumer demand. The global squeeze has driven prices higher for businesses, prompting a sharp increase in consumer prices as well.
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JUST IN: Wholesale inflation increase higher than forecast https://t.co/8mNmTWcgWe pic.twitter.com/w83RXXsz2Q
— The Hill (@thehill) February 15, 2022
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