Wholesale Prices Rose 0.4% in January, Hotter Than Expected

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WASHINGTON — U.S. wholesale prices came in hotter than expected last month at a time when progress against inflation appears to have stalled, undercutting expectations for lower interest rates this year.

The Labor Department reported Feb. 13 that its producer price index — which tracks inflation before it reaches consumers — rose 0.4% from December and 3.5% from January 2024. Forecasters had expected a 0.2% change month over…