The producer price index for final demand climbed 0.4% from a month earlier, and that after an upwardly revised 0.5% increase in December, the Bureau of Labor Statistics said Thursday. The data on wholesale prices comes just a day after a consumer price index report showed underlying inflation at its highest in more than a year.

U.S. inflation accelerated last month as the cost of groceries, gas, and used cars rose, a trend that will likely underscore the Federal Reserve’s resolve to delay any further interest rate cuts.

US wholesale prices picked up in January on higher food and energy costs, highlighting only limited progress on inflation ahead of tariffs imposed by the Trump administration. Read more at The Business Times.