BLS releases first Producer Price Index for 2023 diminishing hopes of a Fed pivot

BLS releases first Producer Price Index for 2023 diminishing hopes of a Fed pivot

"The Producer Price Index for final demand increased 0.7 percent in January, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices declined 0.2 percent in December 2022 and advanced 0.3 percent in November. On an unadjusted basis, the index for final demand rose 6.0 percent for the 12 months ended January 2023"

The report revealed that the index for final demand goods moved up 1.2% in January, the largest increase since rising 2.1% in June 2022. The report also revealed that approximately one-third of the rise in January for final demand goods can be directly attributed to gasoline which increased by 6.2%. Concurrently the report said that fresh and dried vegetables had a noteworthy decrease of 33.5%.

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