U.S. Wholesale Prices Increase 0.6% in February
Nearly Two-Thirds of Increase Attributed to Final Demand Goods
Whole prices in the United States increased by 0.6 percent in February 2024, the Bureau of Labor Statistics has reported. This rise in the Producer Price Index for final demand marks a significant uptick from January's 0.3 percent increase and December 2023's 0.1 percent decrease. On an annual basis, the final demand index surged by 1.6 percent for the 12 months ended in February, the most substantial rise since September 2023's 1.8 percent increase.
A recent BLS press release said the Consumer Price Index rose 0.4 percent in February.
Final Demand Prices Driven by Goods Sector
In February, approximately two-thirds of the surge in final demand prices stemmed from the index for final demand goods, which witnessed a robust 1.2 percent increase. Conversely, prices for final demand services experienced a more moderate uptick of 0.3 percent.
