US wholesale prices spiked in February, reflecting pre-Iran war inflation pressures
U.S. wholesale inflation unexpectedly accelerated in February from a month earlier, reflecting higher costs for goods and services prior to the war in Iran.
The producer price index rose 0.7% after a 0.5% gain in the prior month, according to Bureau of Labor Statistics data out Wednesday. An underlying gauge of wholesale inflation that excludes food and energy increased 0.5%.