US producer prices rise by more than expected in April

14th May 2024 13:44

(Sharecast News) - Wholesale prices in the US jumped past economists' forecasts last month amid big increases in energy costs and retailers' margins.

According to the Department of Labor, total final demand prices increased at a month-on-month pace of 0.5% (consensus: 0.3%), with goods inflation up by 0.4% and that of services by 0.6%.

Within the former, a 0.7% on the month decline in food prices was more than offset by a 2.0% jump in energy prices.

Services prices meanwhile were up by 0.6%, driven higher by a 0.8% in trade prices, which includes retailers' margins.

However, in annual terms, final demand prices were ahead by 2.2% in April, just as expected.

That compared to a gain of 1.8% in March.

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