New York CNN —
Wholesale inflation, as measured by the Producer Price Index, rose more than expected in January, adding to what has so far been a disappointing inflation picture for the month.
The Producer Price Index rose 0.3% last month, resulting in an annual increase of 0.9%, according to Bureau of Labor Statistics data released Friday.
Price hikes among services providers drove the overall uptick in January, rising 0.6% for the month. Some of the biggest increases were in hospital care, traveler accommodation and portfolio management.
Despite coming in hotter than economists had
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