U.S. January PPI First Take

In January, the U.S. PPI increased by 2.9% year-on-year, higher than the expected value of 2.6%, but lower than the previous value of 3%; the U.S. core PPI in January rose by 3.6% year-on-year, exceeding the expectations of 3% and the previous value of 3.3%; the U.S. PPI in January increased by 0.5% month-on-month, marking the largest increase since September. The PPI increase in January exceeded expectations, mainly driven by the service sector, indicating that inflationary pressures persist. Wholesale prices have remained strong for several months, further proving that progress in combating inflation is slow