January wholesale inflation was 9.7% higher than the same period a year ago, according to the U.S. Department of Labor’s producer price index.
The PPI, a metric that measures inflation before it reaches consumers, rose 1% in January compared to the previous month.
The January increase follows jumps of 0.4% in December 2021 and 0.9% in November, according to BLS data.
The index for final demand services last month rose 0.7%, and prices for final demand goods moved up 1.3%.
Prices for final demand less foods, energy and trade services increased 0.9% in January, the largest increase since rising 1% in January 2021.
For the 12-month period ending January 2022, the index for final demand less foods, energy, and trade services moved up 6.9%.