Inflation at the wholesale level rose much more than expected in February, underscoring the challenge of taming price pressures within the economy. 

The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, surged 0.6% in February from the previous month. On an annual basis, prices remain up 1.6% – the highest level since September 2023.

Those figures are both higher than the 0.3% monthly gain and the 1.1% annual figure predicted by Refinitiv economists.

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