U.S. wholesale prices came in hotter than expected last month at a time when progress against inflation appears to have stalled, undercutting expectations for lower interest rates this year

The producer price index for final demand rose 0.4% last month after an upwardly revised 0.5% gain in December, the Bureau of Labor Statistics said on Thursday.

US inflation rose unexpectedly in January — prompting President Trump to slam his predecessor Joe Biden as the downbeat numbers dimmed hopes for interest rate cuts. The Consumer Price Index rose 3% over the past 12 months after advancing 2.

Inflation in the US rose more than expected in January, reinforcing expectations that the Federal Reserve may delay interest rate cuts. The consumer price index (CPI), which tracks the cost of goods and services across the economy,

US consumer prices rose unexpectedly in January, with the annual CPI increasing to 3.0 percent. The rise exceeded economists' projections and suggests the Federal Reserve might need to maintain its key lending rate.