Prices for U.S. producers rose in January

The Producers Price Index for finished goods in the United States gained in January by 1 percent, the Bureau of Labor Statistics reported Tuesday.

The gain follows a 0.3 percent decline in December and a 2.6 percent advance in November, the report said.

Price gains for producers were noted in many sectors as prices for intermediate goods also inclined for the month, up 1.4 percent after a December decline of 0.2 percent.

For finished goods, excluding food and energy products, the index rose 0.4 percent in January, while food prices for producers rose 1.7 percent.

The food prices index was pushed by a surge in prices for baked goods, which jumped 2.7 percent in part due to a surge in wheat prices of 6.6 percent January.

The January jump in wheat prices followed a December increase of 22.6 percent.

Intermediate energy prices also rose in January for producers, up 2.8 percent over December, pushed by diesel fuel prices which rose 5.9 percent in the month.

Copyright 2008 by United Press International