US producer prices rose steadily in February and are likely to rise further amid higher prices for crude oil and other commodities following Russia’s war with Ukraine.
The producer price index rose 0.8% after rising 1.2% in January, according to the Labor Ministry.
In the 12 months to February, the index rose 10% after a corresponding rise in January.
Economists had forecast an increase of 0.9% and 10% on an annual basis.
Prices do not reflect the rise in prices for oil and other commodities, such as wheat, after the Russian invasion of Ukraine.
Inflation by all measures has far exceeded the Fed target of 2%.
The US Federal Reserve is expected to start raising interest rates on Wednesday, with economists forecasting seven interest rate hikes this year.
Producer structural prices, excluding food and energy, increased by 0.8%, while in the 12 months the structural PPI reached 6.6%.
Source: Capital
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