Source: Bureau of Labor Statistics
The annual growth of producer prices posted a slight deceleration in January, but monthly inflation for the month hit the highest in a year.
- Producer prices grew by 9.7% versus the same month in 2021. This is slightly slower than the 9.8% recorded in both November and December 2020.
- Compared with the previous month, producer inflation clocked in at 1.0%, faster than the 0.4% recorded in December.
- The latest monthly inflation reading is the highest since January 2021’s 1.2% and is the same reading seen in April and March last year.
- Annual core producer inflation came in at 6.9%, slightly slower than the 7.0% in both November and December 2021 but faster than the 1.9% in January last year.
- Monthly core producer inflation stood at 0.9%, faster than the 0.4% in December 2021 but slower than the 1.0% in January 2021.
- The major driver in the January increase was hotel outpatient care prices, along with machinery and vehicle wholesaling; apparel, jewelry, footwear, and accessories.
- Declines were recorded in fuels and lubricants retailing, transportation of passengers, and health care.