Producer prices in the US rise in April

The US Department of Labor said that the producer price index in the United States increased by 0.2% in April after declining by 0.4% in March, and on an annual basis, the producer price index increased by 2.3% in April compared to 2.7% in March, which is the lowest rise since January 2021.

A 0.3% increase in the cost of services accounted for 80% of the rise in the monthly producer price index. Goods prices rose 0.2% in April with gasoline prices rising 8.4%. Excluding the volatile food and energy components, commodity prices rose 0.2%. Core PPI, which excludes food, energy and trade components, rose 0.2% in April after rising 0.1% in March, and on a year-over-year basis, core PPI rose 3.4% in April after rising 3.7% in March.