New data shows the producer price index rose 9.7% in January compared to the same period last year.
The cost of wholesale goods rose 1% in January alone and nearly 10% overall since 2021.
“The producer price index, which measures final demand goods and services, increased 1% for the month, against the Dow Jones estimate for 0.5%. Over the past 12 months the gauge rose an unadjusted 9.7%, close to a record in data going back to 2010,” reports CNBC.
“Excluding food, energy and trade services, [so]-called core PPI climbed 0.9% for the month, well ahead of the 0.4% estimate. For the 12-month period, the measure increased 6.9%. Both core and headline PPI gains over the year were 0.1 percentage point lower than the record levels hit in December 2021,” adds the financial outlet.
Overall inflation remains a major obstacle for America’s financial recovery.
Economists estimate the typical household now spends an additional $276 per month because of higher prices. That totals more than $3300 each year.
“On higher prices, we have been using every tool at our disposal, and while today is a reminder that Americans’ budgets are being stretched in ways that create real stress at the kitchen table, there are also signs that we will make it through this challenge,” said the President Monday.
Read the full report here.