US producer inflation rises by 2.2 percent yearly, 0.5 percent monthly in April
Date
5/14/2024 10:01:18 AM
(MENAFN) In April, US producer inflation rose by 2.2 percent annually and 0.5 percent on a monthly basis, surpassing market expectations, according to official data released on Tuesday. The producer price index (PPI), which tracks changes in the prices of goods and services from the perspective of producers, was anticipated to show an annual increase of 2.1 percent.
The labor Department stated, "On an unadjusted basis, the index for final demand moved up 2.2 percent for the 12 months ended in April, the largest increase since rising 2.3 percent for the 12 months ended April 2023." This indicates a notable rise compared to the previous year. Conversely, the annual figure for March was revised down from a 2.1 percent increase to a 1.8 percent gain.
On a monthly basis, the PPI saw a 0.5 percent increase in April, exceeding the market forecast of a 0.3 percent rise. The monthly figure for March was significantly revised downward, showing a decline of 0.1 percent instead of the initially reported 0.2 percent increase.
Core producer prices, which exclude the volatile categories of food, energy, and trade, rose by 0.4 percent in April, following a 0.2 percent gain in March. On an annual basis, core PPI increased by 3.1 percent in April, up from a 2.8 percent year-on-year rise recorded in March. These figures suggest that underlying producer inflation pressures are also intensifying.
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