Producer prices inched up in April, leading to the smallest annual increase in producer inflation in over two years, according to Reuters.
The details: “The producer price index for final demand rose 0.2% last month, the Labor Department said on Thursday. Data for March was revised slightly to show the PPI dropping 0.4% instead of 0.5% as previously reported.”
- In the 12 months through April, the Producer Price Index rose 2.3%, the smallest year-on-year increase since January 2021.
- Most of April’s gain was owed to an increase in cost of services.
Final demand services, goods: Prices for final demand services rose 0.3% in April, marking the biggest increase in five months, according to the U.S. Bureau of Labor Statistics.
- Prices for final demand goods increased 0.2% in April after declining 1.0% in March.
- Final demand energy led the advance, rising 0.8%.