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.

US wholesale inflation remained stubbornly elevated last month, another sign that even higher prices could be ahead for American shoppers.

U.S. wholesale prices rose more than expected last month, signaling that progress fighting inflation may have stalled and undercutting expectations for lower interest rates.