Wolesale inflation surged unexpectedly in January, according to the Labor Department. Wholesale prices jumped 0.8% last month, the biggest gain since July and well above the 0.2% increase that economists expected.

The acceleration was led by a 3.7% surge in energy prices. Gasoline prices jumped 15%, the biggest gain in 14 months. Even outside the volatile food and energy sectors, wholesale prices showed a bigger-than-expected increase, rising 0.4%.