Wholesale prices up 9.7% in past 12 months, exceeding estimates
FILE - In this June 15, 2018 file photo, twenty dollar bills are counted in North Andover, Mass. Amid the pandemic-fueled recession, your job description and responsibilities may have changed. Whether you’ve taken on more tasks after employees were laid off or your household income has taken a hit, there are plenty of reasons to negotiate your salary even in tough times. (AP Photo/Elise Amendola, File)
Wholesale prices are up nearly 10% over the past year.
The Labor Department released new numbers for January on Tuesday.
Wholesale prices rose 1% from December to January, but 9.7% from January 2021 to January 2022.
Prices for goods increased more than prices for services.
Final demand energy prices rose 2.5% in January.
Food had an increase of 1.6%.
Supply chain disruptions, labor shortages, other pandemic-related issues have made it difficult for manufacturers to meet demand.
This has contributed a sharp increase in consumer prices.
The new numbers come as the Federal Reserve plans to raise interest rates in March.
Citi economists expect a 50-basis-point hike.
