Wholesale Price Rose Sharply in April; Inflation Stays Sticky – RVBusiness – Breaking RV Industry News
WASHINGTON — U.S. wholesale prices rose sharply last month, a sign that inflation pressures remain stubbornly high after three elevated readings in consumer prices to start the year, according to an Associated Press report.
The Labor Department said Tuesday that its producer price index — which tracks price changes before they reach consumers — climbed 0.5% from March to April, after it dipped 0.1% the previous month. Measured year over year, producer prices rose by 2.2% in April, up from 1.8% in March and the biggest increase in a year.
A measure of underlying inflation, which excludes the volatile food and energy categories, also jumped 0.5% from March to April, and rose 2.4% compared with a year earlier. Economists closely watch core prices because they provide a better signal of where inflation is headed than the overall figure.
Tuesday’s unexpectedly high readings may raise concerns on Wall Street, at the Biden White House and for inflation-fighters at the Federal Reserve. Last week Fed officials underscored that they were prepared to leave their key interest rate at 5.3%, the highest in 23 years, as long as needed to bring inflation back to its 2% target. Consumer price inflation has fallen steadily since late 2022 but stalled at an elevated level in the first three months of this year.
Click here to read the full Associated Press report.
