The Producer Price Index (PPI) measures inflation upstream from consumers, and its key headline and core numbers both made their largest advances since June and March 2022, respectively, according to new data released on Thursday morning.

Per the Bureau of Labor Statistics, headline PPI inflation jumped 0.7 percent in January, bringing the annual advance to 6.0 percent. PPI for final demand advances 0.7% in January; goods rise 1.2%, services increase 0.4% https://t.co/dyytPa492i #PPI #BLSdata— BLS-Labor Statistics (@BLS_gov) February 16, 2023Estimates predicted that monthly headline PPI would only increase 0.4 percent, but the number released on Thursday blew past that expectation to record the largest monthly increase since last June’s …