Inflation hovers at 9.7% in producer index, right near highest on record

Producer prices increased a staggering 9.7% for the year ending in January, according to a report on producer costs by the Bureau of Labor Statistics — meaning inflation hovered near the highest pace on record.

The high numbers in Tuesday’s producer price index report eclipsed predictions by forecasters and are near the highest in the gauge's 11-year history after the PPI rose by 9.8% in December.

The news came just days after a report for the month of January found consumer prices increased by 7.5% — the fastest annual rate in four decades. The inflationary pressures are adding to President Joe Biden’s mounting political concerns heading into the midterm elections.