The producer price index increased 1.4% on a seasonally adjusted basis in January, driven by higher energy costs, the Labor Department reported yesterday.

Core producer prices, excluding food and energy costs, increased 0.3% for the month.

Prices were driven up 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.

Economists expected producer prices to rise 0.7% and core prices to increase 0.1%, according to the median estimate from Thomson Reuters.

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