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A key gauge of inflation surged by much more than expected in April, confirming that the pace of inflation has accelerated and dashing hopes for interest rate cuts this year.
Economists had forecast a 0.3 percent gain in April compared with March and a 2.2 percent gain year-over-year.The so-called core producer price index—a measure that excludes prices of food and energy—jumped 0.5 percent in April after calling 0.1 percent in March. Economists had forecast a 0.2 percent gain. Over the year, core producer prices are up 2.4 percent.
The index for final demand services rose 0.6 percent in April, the largest rise since jumping 0.8 percent in July 2023. Prices for final demand goods rose 0.4 percent in April after falling 0.2 percent in March.
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