Washington (AP) The government says inflation at the wholesale level soared in January. The costs of food, energy and medicine all jumped sharply.
The labor department says wholesale prices rose 1 percent last month. That was more than double what analysts had been expecting. It left prices rising at the fastest pace in more than 16 years.
The worse-than-expected performance was certain to capture attention at the Federal Reserve. Fed officials have chosen to combat a threatened recession by aggressively cutting interest rates, believing that they have room to do so because weak economic
growth will keep a lid on prices.
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