US wholesale prices spike against forecasts in January

US wholesale prices jumped more than expected last month, according to a government report Tuesday, an indication the inflation wave continues to hit all corners of the world's largest economy.

The producer price index rose one percent, seasonally adjusted, in January, the Labor Department reported, twice the increase analysts had forecast and returning to the inflation pace seen last summer.

Goods costs rose 1.3 per cent and services increased 0.7 per cent, according to the data.

Compared to the same month last year, prices were up 9.7 per cent, not seasonally adjusted, slightly less than the increase registered in the prior two months, the report said.