US wholesale prices remained high last month, a sign progress with inflation may have stopped

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The American wholesale inflation remained stubbornly elevated last month, a sign that higher prices could be ahead of US shoppers.

The producer price index, a measurement of average price changes seen by producers and producers, increased 0.4% on a monthly basis and 3.5% for the 12 months ended in January. It kept stable with December, which was revised upwards to 3.5% according to the Bureau of Labor Statistics Data released Thursday.

PPI is holding its highest annual rate since February 2023.

Economists expected that producer-level prices would slowly to 3.2% annually, according to Factset consensus estimates.

PPI acts as a potential bellwether for retail inflation in the coming months. On Wednesday, the latest consumer price index came in warmer than expected.

This story is evolving and updating.