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Wholesale prices up 9.7% in past 12 months, exceeding estimates

The Labor Department released new numbers for January .
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Posted at 11:42 AM, Feb 15, 2022
and last updated 2022-02-15 11:49:30-05

Wholesale prices are up nearly 10% over the past year.

The Labor Department released new numbers for January on Tuesday.

Wholesale prices rose 1% from December to January, but 9.7% from January 2021 to January 2022.

Prices for goods increased more than prices for services.

Final demand energy prices rose 2.5% in January.

Food had an increase of 1.6%.

Supply chain disruptions, labor shortages, other pandemic-related issues have made it difficult for manufacturers to meet demand.

This has contributed a sharp increase in consumer prices.

The new numbers come as the Federal Reserve plans to raise interest rates in March.

Citi economists expect a 50-basis-point hike.