U.S. producer prices increased solidly in January, offering more evidence inflation was picking up again and strengthening financial market views that the Federal Reserve would not be cutting interest rates before the second half of the year.

In January, a 10.4% increase in the index for diesel fuel was a major factor in the advance in prices for final-demand goods. The indexes for chicken eggs, beef and veal, gas fuels, jet fuel, and communication and related equipment also moved higher.