批發通貨膨脹率比預測更熱，令人失望的投資者和政策制定者希望冷卻價格壓力

生產商價格指數（PPI）在一月份增長了0.4％，而經濟學家預測為0.3％，12月為0.2％。

Headline inflation at the wholesale level in the United States rose more quickly than anticipated in January, providing further evidence of persistent price pressures that might postpone plans by the Federal Reserve to begin cutting interest rates later this year.

美國批發級別的標題通貨膨脹率比一月份預期的要快，這進一步提供了持續的價格壓力的證據，可能會推遲美聯儲計劃於今年晚些時候開始降低利率。

The Labor Department said on Friday that its Producer Price Index (PPI) for final demand increased 0.4% last month. Economists polled by Econoday had expected a 0.3% rise. The PPI increased by 0.2% in December.

勞工部周五表示，其最終需求的生產商價格指數（PPI）上個月增加了0.4％。經econoday進行的經濟學家預計會增長0.3％。 12月，PPI增加了0.2％。

In the 12 months through January, the PPI advanced 3.5%. That was a touch lower than the 3.6% year-over-year increase in December but higher than economists' forecasts for a 3.2% rise.

在截至1月的12個月中，PPI上漲了3.5％。這比12月份的3.6％同比增長3.6％，但高於經濟學家的預測，增長了3.2％。

Excluding the volatile food and energy components, core PPI rose 0.3% in January. Economists had forecast a 0.3% increase after a 0% rise in December.

除了揮發性食品和能源組件外，核心PPI在一月份上漲了0.3％。經濟學家預測12月增長0％後增長0.3％。

Core PPI increased by 3.6% year-over-year in January, compared with economists' expectations for a 3.3% rise. The core PPI increased by 3.7% year-over-year in December.

與經濟學家對3.3％增長的期望相比，一月份的核心PPI同比增長了3.6％。 12月，核心PPI同比增長3.7％。

Economists closely monitor the PPI figures for early indications of future trends in consumer inflation, as measured by the Consumer Price Index (CPI).

通過消費者價格指數（CPI）衡量，經濟學家密切監視了PPI數據的早期跡象，以表明消費者通貨膨脹的未來趨勢。

On Thursday, the Labor Department said the CPI increased by 0.7% in January, above economists' expectations and marking the biggest gain since June. In the 12 months through January, the CPI increased by 6.3%.

勞工部周四表示，一月份的CPI增長了0.7％，超出了經濟學家的期望，並標誌著自6月以來的最大收益。在截至1月的12個月中，CPI增長了6.3％。

Testifying before Congress on Friday following the fast inflation report, Federal Reserve Chair Jerome Powell said there is “more work to be done” on the inflation front.

聯邦儲備主席杰羅姆·鮑威爾（Jerome Powell）在周五在國會上作證說，在通貨膨脹方面，“還有更多工作要做”。

The PPI number took on even greater significance as Powell said he would be interested in seeing if today's number confirmed the disappointing CPI data.

PPI編號具有更大的意義，因為鮑威爾說，他有興趣查看今天的數字是否證實了令人失望的CPI數據。

After cutting rates 100 basis points in the final months of 2024, Powell and the rest of the Fed have made clear their intent to pause any further monetary ease until there's a notable slowdown in the economy and/or inflation.

在2024年的最後幾個月降低了100個基點後，鮑威爾和其他美聯儲的其他人已經明確表示，他們打算暫停任何進一步的貨幣輕鬆，直到經濟和/或通貨膨脹率顯著放緩為止。

Before the PPI figure was published, markets had priced in only one rate cut for all of 2025, according to the CME Fed Watch Tool.

根據CME Fed Watch Tool，在PPI數字出版之前，市場的價格僅為2025年的一個稅率。

The central bank is expected to raise its benchmark overnight lending rate by a quarter point at the conclusion of its two-day policy meeting on March 21.

預計中央銀行將在3月21日的為期兩天的政策會議結束時提高其基準的過夜貸款率。