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U.S. producer prices surge 11% in April as food prices jump

WASHINGTON (AP) — U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead.

The Labor Department said Thursday that its producer price index – which measures inflation before it reaches consumers — climbed 0.5% in April from March. That is a slowdown from the previous month, however, when it jumped 1.6%.

The report included some signs that price increases are moderating, but at a painfully high level. The year-over-year increase in April fell from the 11.5% annual gain in March, the first decline in the yearly data since December 2020. And the monthly gain of 0.5% was the smallest in seven months.

Yet prices are still rising at a historically rapid clip. Food costs rose 1.5% just in April from March, while shipping and warehousing prices leapt 3.6%.

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