Key inflation measure hits double digits for February

Originally Published: 15 MAR 22 08:39 ET
Updated: 15 MAR 22 08:53 ET

    (CNN) -- Prices kept rising in February as another key inflation gauge soared and hit double digits.

The US producer price index, which tracks what America's producers get paid for their goods and services on average over time, rose 10% for the 12-month period ended in February, not adjusted for seasonal swings, according to the Bureau of Labor Statistics.

That was a slightly faster pace of price increases than economists had predicted.

For January, 12-month price inflation was also revised up to 10%, from 9.7% initially reported, the first time the index hit double digits since the data series began in 2010.

Over the one-month time span, producer prices rose 0.8% in February, adjusted for seasonality, slightly less than forecast and below the January level.

This is a developing story. It will be updated

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