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Financial News: U.S. Producer Prices Plunge 1.3% In April

U.S. Producer Prices Plunge 1.3% In April

05/13/2020 - 08:37:00 (RTTNews)

(RTTNews) - After yesterday's report showing an historic drop in consumer prices, the Labor Department released a report on Wednesday showing U.S. producer prices plunged by much more than expected in the month of April.

The Labor Department said its producer price index for final demand tumbled by 1.3 percent in April after edging down by 0.2 percent in March. Economists had expected prices to drop by 0.5 percent.

The bigger than expected decrease in producer prices came as energy prices nosedived by 19.0 in April after plummeting by 6.7 percent in March.

Excluding food and energy prices, core producer prices fell by a much more modest 0.3 percent in April after inching up by 0.2 percent in the previous month. Core prices were expected to be unchanged.

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