US wholesale prices picked up in February in sign that inflation pressures remain elevated

Wholesale prices in the United States picked up again in February, the latest sign that inflation pressures remain elevated and might not cool in the coming months as fast as the Federal Reserve or the Biden administration would like. The government's producer price index — which tracks inflation before it reaches consumers — rose 0.6% from January to February, up from a 0.3% rise the previous month. Measured year over year, producer prices rose by 1.6% in February. The figures could present a challenge for the Fed, which is counting on cooling inflation as it considers when to cut its benchmark interest rate, now at a 23-year high.