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US wholesale prices go up

By:  Tupaki Desk   |   21 Feb 2013 7:57 AM GMT
US wholesale prices posted a slight monthly gain in January due to an increase of food prices, the Labor Department reported.

The Producer Price Index (PPI), which measures price changes at factory gates, rose 0.2 percent last month on seasonally adjusted basis, the first monthly uptick after three consecutive monthly declines, reported Xinhua.

Energy prices declined 0.4 percent last month, after a decrease of 0.6 percent in December 2012. Food costs jumped 0.7 percent in January, after dropping 0.8 percent in December 2012.

Excluding the volatile food and energy sectors, the so-called "core" wholesale prices edged up 0.2 percent last month from December 2012.

The wholesale prices rose 1.4 percent over the past 12 months ending January.