U.S. wholesale prices rose sharply last month, a sign that stubbornly high inflation may persist after three elevated readings in consumer prices to start the year.
FILE - Rubila Clemente waters green onions, on April 19, 2024, at Christopher Farm in Modoc, Ind. On Tuesday, May 14, 2024, the Labor Department releases producer prices data for April. – — which tracks price changes before they reach consumers — climbed 0.5% from March to April, after it dipped 0.1% the previous month. Measured year over year, producer prices rose by 2.2% in April, up from 1.8% in March and the biggest increase in a year.
Tuesday's modest readings may raise concerns on Wall Street, at the Biden White House and for inflation-fighters at the Federal Reserve. Last weekthat they were prepared to leave their key interest rate at 5.3%, the highest in 23 years, as long as needed to bring inflation back to its 2% target. Inflation has fallen steadily since late 2022 but stalled at an elevated level in the first three months of this year.
As recently as March, Fed officials had forecast they would reduce their key rate three times this year. But in their most recent comments, most suggest they could cut once or twice this year, or maybe not at all. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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