Prices for businesses are skyrocketing and it hints that inflation isn't slowing down any time soon
Businesses' input prices leaped more than expected in January, signaling inflation will stay at historic highs well into 2022.Bureau of Labor Statistics
Core PPI, which strips out volatile food and energy costs, rose 0.8% through January. That overshot the estimate for a 0.5% increase and picked up from the 0.5% gain seen in December. "This is a disappointing report, but we remain of the view that core inflation is close to peaking and will be much lower by the end of this year as supply pressures ease and some of the huge increase in margins in some sectors is reversed by a return to more normal market conditions," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said.
Outpatient care powered much of the jump in service prices, with the sector's costs climbing 1.6% through the month. The uptick lines up with the peak of the Omicron variant's spread. The US added a record 1.43 million new infections on January 10, and while daily case counts have since declined, hospitalizations didn't peak until 10 days later.
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