The Labor Department announced on Thursday the U.S. producer-price index
(PPI) climbed 0.7 percent m-o-m in January 2023, following an upwardly revised 0.2
percent m-o-m drop (from -0.5 percent m-o-m) in December 2022. That marked the
sharpest monthly gain in PPI since June 2022 (+0.9 percent m-o-m).
For the 12 months through January, the PPI jumped 6.0 percent,
moderating from an upwardly revised 6.5 percent gain (from 6.2 percent) in the
previous month. That was the weakest annual gain since March 2021 (+4.1
Economists had foreseen the headline PPI would advance 0.4 percent m-o-m
last month and 5.4 percent over the past 12 months.
According to the report, the January surge in the headline indicator was
led by a 1.2-percent m-o-m soar in prices for final demand goods. In addition,
prices for final demand services increased by 0.4 percent m-o-m.