WASHINGTON - The producer price index increased 1.4% on a seasonally adjusted basis in January, driven by higher energy costs, the Labor Department reported today.
Core producer prices, excluding food and energy costs, increased 0.3% for the month.
The higher wholesale prices were driven by a 5.1% increase in energy goods, which have increased for four months in a row. Higher gasoline prices accounted for most of the energy index increase, rising 11.5% for the month.
Light motor truck prices increased 1.9%.
Producer prices increased 1.4% for the year ending in January, the largest year-over-year increase since October 2008. Core prices for the year increased 1.0%.
Economists expected producer prices to rise 0.7% and for core prices to increase 0.1%, according to the median estimate from Thomson Reuters.
Consumer prices for January will be released tomorrow.
