Economic Buzz: US Producer Prices Climb 1.0% In January

16 Feb 2022 , 08:35 AM

US producer price index for final demand surged up by 1.0 percent in January after rising by an upwardly revised 0.4 percent in December, according to a report released by the Labor Department on Tuesday. The sharp increase in producer prices was partly due to a substantial rebound in energy prices, which spiked by 2.5 percent in January after tumbling by 1.7 percent in December. Food prices also showed a significant rebound, jumping by 1.6 percent in January after dipping by 0.3 percent in the previous month. Excluding prices for food, energy and trade services, core producer prices advanced by 0.9 percent in January after climbing by 0.4 percent in December. The report showed prices for services increased by 0.7 percent, reflecting a 0.6 percent advance in prices for trade services and a 0.9 percent jump in prices for other services.

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