Economics
US Producer Prices Rise More Than Forecast in Sign of Persistent Inflation
- PPI rose 11% in April from a year ago, 0.5% from prior month
- Goods inflation led the increase, including cars, diesel, eggs
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Prices paid to US producers rose at a brisk pace in April, signaling that elevated consumer inflation could persist for longer than expected, keeping the Federal Reserve geared toward aggressive rate hikes.
The producer price index for final demand increased 11% from April of last year and 0.5% from the prior month, driven by goods, Labor Department data showed Thursday. That followed sizable upward revisions to the March figures.