Feb. 27 (UPI) -- January's wholesale prices were up more than double the Dow Jones consensus estimate, the U.S. Bureau of Labor Statistics reported Friday.
The producer price index for January showed final demand prices, excluding food and energy, increased 0.8% on a seasonally adjusted basis. The Dow Jones consensus estimated an increase of 0.3%.
This is an acceleration over December, which rose by 0.6%.
Friday's report contradicts President Donald Trump's claims of ending inflation as he presses the Federal Reserve to reduce interest rates.
For the 12 months ending in January, the wholesale price index for processed goods and services climbed 2.9%. It was the greatest increase for a 12-month period since December 2024. The rate remains higher than the Federal Reserve's target 2% rate of inflation.
