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In January 2024, producer prices for final demand in the United States experienced a month-over-month uptick of 0.3%. This represented the most significant increase over a five-month period, succeeding a 0.1% decline in December and surpassing the projected growth of 0.1%. Service costs rose by 0.6%, marking the highest surge since July 2023, propelled by a 2.2% price escalation for outpatient hospital care.
The following sectors saw higher costs: chemicals and allied products wholesaling, machinery and equipment wholesaling, portfolio management, traveler accommodation services, and legal services. Conversely, goods’ prices contracted by 0.2%, signifying the fourth consecutive drop, led by a 3.6% decline in gasoline prices. Several sectors experienced price declines, including electric power, hay, hayseeds, oilseeds, beef and veal, ethanol, and iron and steel scrap.
On an annual basis, producer prices climbed by 0.9%, slightly lower than December’s 1% increase but higher than the anticipated 0.6%. The core PPI, which excludes food and energy, advanced by 0.5% monthly, resulting in an annual rate of 2%, with both readings exceeding the forecast.
(Red: PPI MoM，Blue: Core PPI MoM)
(Red: PPI YoY，Blue: Core PPI YoY)
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