Mirroring consumer prices, U.S. producer prices rose more than expected during January, according to the latest government data.

The Bureau of Labor Statistics released its monthly Producer Price Index report on Feb. 13, showing that final demand ticked up 0.4% in January, following a 0.5% rise in December and a 0.2% increase in November.

Economists surveyed by Reuters and Dow Jones forecasted a 0.3% monthly increase.

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January’s gain was driven by a 0.3% increase in prices for final demand, while the index for final demand goods increased 0.6%.

On an annual basis, January’s PPI increased 3.5%, up from 3.3% in December and a 3.0% gain in November.

U.S. Producer Price Index Month-to-Month

source: tradingeconomics.com

The PPI tracks average price shifts at the wholesale level before they reach consumers.

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However, core PPI — which excludes volatile food and energy categories — rose 0.3% in January following a 0.4% gain in December. Core PPI for the 12 months that ended in January increased 3.4%.

U.S. Producer Price Index Year-Over-Year

source: tradingeconomics.com

The Consumer Price Index increased 0.5% in January, following a 0.4% rise in December and a 0.3% gain in November.

The CPI all-items index increased 3.0% for the 12 months that ended in January.