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Higher costs for food, energy and medicine push US wholesale prices up sharply

Higher costs for food, energy and medicine push US wholesale prices up sharply

The US government says inflation at the wholesale level soared in January. The costs of food, energy and medicine all jumped sharply.
The Labor Department said Tuesday that wholesale prices rose 1 percent last month. That was more than double what analysts had been expecting. It left prices rising at the fastest pace in more than 16 years.
The worse-than-expected performance was certain to capture attention at the Federal Reserve. Fed officials have chosen to combat a threatened recession by aggressively cutting interest rates, believing that they have room to do so because weak economic growth will keep a lid on prices.


Updated : 2021-08-05 02:34 GMT+08:00