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U.S. wholesale prices surge unexpectedly in January_English_Xinhua
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src="https://web.archive.org/web/20090223180702im_/http://imgs.xinhuanet.com/icon/2006english/2007korea/space.gif" width="4" height="5"> <a href="javascript:doPrint();" class="hui12">Print</a></td> </tr> </table> <table width="80%" border="0" cellspacing="0" cellpadding="0"> <tr> <td height="20"></td> </tr> </table> <table width="97%" border="0" cellspacing="0" cellpadding="0" align="center" class="lt14"> <tr> <td class="lt14"><div id="Time"></div> <div id="Position"></div> <div id="Image"></div> <div id="Content"> <font id="Zoom"> <p> WASHINGTON, Feb. 19 (Xinhua) -- U.S. wholesale prices surged unexpectedly in January after five consecutive months of decline, reflecting higher energy costs, the Labor Department reported Thursday. <p> The department's producer price index, a measure of inflation at the wholesale level, jumped by 0.8 percent last month, the biggest rise since last July and well above the 0.2 percent gain that economists had expected. <p> The unexpected surge in wholesale prices was led by a 3.7 percent increase in energy prices with gasoline prices shooting up by 15 percent, the biggest rise in 14 months. <p> Meanwhile, prices for home heating oil rose by 5.4 percent and liquefied petroleum gas, which is often used to heat homes in rural areas, surged by 20.2 percent, the biggest gain in more than six years. <p> Food costs, however, declined by 0.4 percent last month, marking the second straight monthly drop. Lower prices for beef and dairy products offset gains in the price of vegetables and chicken products. <p> While excluding volatile energy and food costs, core inflation at the wholesale level rose by 0.4 percent in January, well above the 0.2 percent increase in December 2008 and the 0.1 percent gain economists were expecting. <p> The readings on wholesale prices reflect cost pressures before they reach the consumer. <p> Despite the January surge in wholesale prices, few economists expect inflation to become a problem in the near future as the economy is in a recession. <p> James Bullard, president of the Federal Reserve Bank of St. Louis, warned Tuesday of the risk of deflation, saying "the primary near-term risk for monetary policy is continued disinflation and a possible deflationary trap." </p> </font></div></td> </tr> </table> <table width="50%" border="0" cellspacing="0" cellpadding="0" align="center"> <tr> <td height="15"></td> </tr> </table> <table width="90%" border="0" 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