US producer prices jumped 1 per cent in January on rising energy costs and posted the biggest 12-month gain in more than 26 years, a government report showed today.
Producer prices were up 7.4 per cent from January of last year, the steepest climb since October 1981, the Labor Department said.
Core producer prices, which strip out volatile energy and food costs, jumped a greater-than-forecast 0.4 per cent, the sharpest increase since February, the Labor Department said.
Producer prices, also known as factory gate inflation, detail the amount domestic producers receive for their products.
Analysts polled by Reuters were expecting prices paid at the farm and factory gate to rise 0.4 per cent overall and 0.2 per cent when food and energy were excluded.