But 12 Noble Prize winners assured us this was "transitory"!

Wholesale inflation index jumped 1%, now 9.7% higher than a year ago January

The surge in wholesale prices comes on the heels of a separate Labor Department report released last week that showed consumer prices climbed 7.5% in January from the previous year, the biggest increase since February 1982, when inflation hit 7.6%. Consumers are paying more for everyday necessities, including groceries, gasoline and cars.