A new government report shows inflation shot up in January for the sixth consecutive month.
The Producer Price Index jumped 0.4% in January and 3.5% for the year.
Analysts had expected the number to come in at 0.3%.
Leading the broad-based January advance in the index for final demand, prices for final demand
services rose 0.3%. The index for final demand goods moved up 0.6% percent, according to the U.S. Bureau of Labor Statistics.
In January, a 10.4% increase in the index for diesel fuel was a major factor in the advance in prices for final-demand goods. The indexes for chicken eggs, beef and veal, gas fuels, jet fuel, and communication and related equipment also moved higher.
The index for final demand less foods, energy, and trade services rose 0.3% in January
after moving up 0.4%in December. For the 12 months that ended in January, prices for final
demand less foods, energy, and trade services advanced 3.4 %.
The new numbers come a day after the Consumer Price Index showed inflation rose sharply in January. The report showed that inflation rose 0.5% when analysts had predicted a 0.3% rise.
