March 18 (UPI) -- The producer price index for final demand goods had its sharpest rise since 2023 in February, the Bureau of Labor Statistics reported Wednesday.
The index for final demand goods -- items like food and clothing -- increased by 1.1% for the month. The last time the index rose by that much was August 2023 when it was up 1.6%.
Wednesday's report comes before the Federal Reserve is expected to announce its decision on interest rates later in the day.
Foods were the biggest contributor to the increase, jumping by 2.4%. The index for energy rose 2.3% though the report predates the United States and Israel launching a war with Iran on Feb. 28.
A 48.9% increase in prices for fresh and dry vegetables was a big factor in the rising index for foods. BLS estimates more than 20% of the food index increase was attributable to fresh and dry vegetable prices.
