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.
U.S. wholesale prices rose sharply last month, a sign that inflation pressures remain stubbornly high after three elevated readings in consumer prices to start the year. The Labor Department said Tuesday that its producer price index — 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.
That data, as well as some other figures, feed into the Federal Reserve's preferred measure of consumer prices, which will be released toward the end of this month. Economists estimate that figure may come in a bit lower than the previous month because of declines in items like air fares. “In that respect, April’s news was mixed but, on balance, encouraging,” Paul Ashworth, an economist at Capital Economics, wrote in a research note.
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