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Financial News: U.S. Producer Prices Increase In Line With Estimates

U.S. Producer Prices Increase In Line With Estimates In April

05/12/2022 - 08:44:00 (RTTNews)

(RTTNews) - Producer prices in the U.S. increased in line with economist estimates in the month of April, according to a report released by the Labor Department on Thursday.

The Labor Department said its producer price index for final demand rose by 0.5 percent in April after surging by an upwardly revised 1.6 percent in March.

Economists had expected producer prices to advance by 0.5 percent compared to the 1.4 percent jump originally reported for the previous month.

Excluding prices for food, energy and trade services, core producer prices climbed by 0.6 percent in April following a 0.9 percent increase in March.

The report showed the annual rate of growth in producer prices slowed to 11.0 percent in April from a record high 11.5 percent in March, although economists had expected a bigger slowdown to 10.7 percent.

Core producers in April were up by 6.9 percent compared to a year ago, reflecting a modest slowdown from the 7.1 percent spike seen in March.

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