Yesterday’s report on the consumer price index rate of inflation gave little hope of short-term relief. Today’s report on the producer price index gives little hope of long-term relief, either. The PPI hit 11% for the second month in a row, lightened only by the same brief respite from fuel-price increases in April that has been entirely mooted this month already:
Prices at the wholesale level accelerated further in April, part of a broader inflation problem persisting through the U.S. economy, the Bureau of Labor Statistics reported Thursday.
The producer price index, which tracks how much manufacturers get for products at their initial sale, rose 0.5% on the month and 11% from a year ago, a decrease from the record 11.5% in March.
Excluding food, energy and trade services, core PPI rose 0.6% in April and 6.9% from a year ago, the latter a decline from 7.1% last month.
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