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Producer Prices Rose 0.6% in January

Wholesale prices of goods increased 1 percent in January, the most since May 2015.

China's Consumer Price Index added 2.5 percent in January from a year earlier while the Producer Price Index rose 6.9 percent year on year last month, the National Bureau of Statistics said yesterday.

WASHINGTON (AP) - Higher costs for gasoline costs helped fuel a rise in US wholesale prices in January, but overall inflation still appears to be in check. The index rose 1.6 percent over the past year, a relatively low level of inflation that suggests few costs are likely to be passed along to consumers.

The recent pick up in wholesale prices is due to the increases in the prices of commodities such as crude oil.

Economists had penciled in a rise of 0.3% on the month and 1.5% over the year for headline producer prices. Oil prices have risen above $50.00 USA per barrel. Core prices had been expected to climb by 0.2 percent.

Wholesale food costs were unchanged in January. Health care costs rose 0.2 percent. Those costs feed into the Fed's preferred inflation measure, the core personal consumption expenditures index.

Excluding just food and energy the year-on-year rate of increases in core producer prices fell back from a 1.6% clip to 1.2%.

The volatile trade services component, which measures changes in margins received by wholesalers and retailers, shot up 0.9 percent in January after being unchanged in the prior month. That followed a 0.1 percent gain in December.

Despite the surge, the department found the PPI only increased 1.6% in the 12 months through January, following a similar gain in the 12 months through December.

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