U.S. wholesale prices came in hotter than expected last month at a time when progress against inflation appears to have stalled, undercutting expectations for lower interest rates this year.

U.S. wholesale prices came in hotter than expected last month at a time when progress against inflation appears to have stalled, undercutting expectations for lower interest rates this year. The Labor Department reported Thursday that its producer price index — which tracks inflation before it reaches consumers — rose 0.

Wholesale prices rose more than expected in January — one day after government data showed the pace of inflation for US consumers rose unexpectedly last month. The Labor Department’s Producer Price Index soared 3.