Wholesale prices rose sharply in January, in another sign of lingering inflationary pressures in the economy that will keep high U.S. interest rates from falling much anytime soon.

US wholesale inflation remained stubbornly elevated last month, another sign that even higher prices could be ahead for American shoppers.

The producer price index for final demand climbed 0.4% from a month earlier, and that after an upwardly revised 0.5% increase in December, the Bureau of Labor Statistics said Thursday. The data on wholesale prices comes just a day after a consumer price index report showed underlying inflation at its highest in more than a year.