United States producer prices index for final demand rose 0.6% in January following a 0.2% rise the previous month and this was higher than consensus forecasts of a 0.3% increase for the month.
Despite the surge, the department found the PPI only increased 1.6% in the 12 months through January, following a similar gain in the 12 months through December.
14, 2017, the Labor Department releases is producer price index for January, which measures price changes before they reach consumers.
Versus the year ago period, headline producer prices were ahead by 1.6%, unchanged from December.
The March U.S. Dollar Index is trading at 100.86, down 0.08. The rise in producer prices comes as manufacturers are reporting paying more for raw materials.
Final demand services-sector prices rose 0.3% with a 1.1% increase in transport and warehousing costs.
The recent pick up in wholesale prices is due to the increases in the prices of commodities such as crude oil.
Rising energy costs have recently become a prime source of inflation, reversing a trend in recent years in which falling oil prices were suppressing inflation. That was the largest increase since September 2012 and followed a 0.2 percent rise in December. Health care costs rose 0.2%. Those costs feed into the Fed's preferred inflation measure, the core personal consumption expenditures (PCE) index.
Producer costs excluding volatile components such as food, energy, and also eliminating trade services advanced 0.2 percent after climbing 0.1 percent the previous month.
Prices for final demand less foods, energy, and trade services rose 0.2% in January after inching up 0.1% in December.
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Private consumption is projected to continue growing robustly, supported by favourable labour market developments. This is still "short" of the ECB's target of an inflation "below, but close to 2 percent", the Commission said.
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