Wholesale inflation in the US it rose above expectations in January. The producer price index (PPI) climbed 1.3%, beating the market consensus of 0.4% and the December reading of 0.3%. Compared to twelve months ago, the index jumped from 0.8% to 1.7%.
The PPI without taking into account energy or food (core or underlying) rose 1.2% in January, higher than the 0.2% expected. The annual rate went from 1.2% to 2%, and a decline to 1.1% was expected.
Along with this report, there was a much larger than expected rise in retail sales for January. The dollar it rose after the data on all fronts, setting new weekly highs against several of its rivals.
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