Economists polled by Reuters had expected producer prices to rise 0.7 percent last month. In the 12 months to February, producer prices increased 5.6 percent, the biggest rise since March, after advancing 3.6 percent in January.
The report came a day after the Federal Reserve said it expected the upward inflation pressure from energy and other commodities to prove transitory but that it would keep a close eye on inflation and inflation expectations.
The increase in wholesale prices last month was broad-based, with energy prices surging 3.3 percent — the biggest increase since January 2010, after 1.8 percent the prior month.
Gasoline prices, which rose 3.7 percent, accounted for over 40 percent of the increase in the energy index. Food prices jumped 3.9 percent, the biggest increase since 1974.
Economists polled by Reuters had expected producer prices to rise 0.7 percent last month. In the 12 months to February, producer prices increased 5.6 percent, the biggest rise since March, after advancing 3.6 percent in January.
The report came a day after the Federal Reserve said it expected the upward inflation pressure from energy and other commodities to prove transitory but that it would keep a close eye on inflation and inflation expectations.
The increase in wholesale prices last month was broad-based, with energy prices surging 3.3 percent — the biggest increase since January 2010, after 1.8 percent the prior month.
Gasoline prices, which rose 3.7 percent, accounted for over 40 percent of the increase in the energy index. Food prices jumped 3.9 percent, the biggest increase since 1974.
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