US producer inflation jumps 11% in April

By Tuba Sahin

ANKARA (AA) – US producer prices increased 11% year-on-year in April, according to the Labor Department figures released on Thursday.

The producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, came in slightly above the market forecast.

The annual hike in producer prices for March was revised upwards from 11.2% to 11.5%.

On a monthly basis, the PPI rose 0.5% in April, coming in line with market estimate.

Its monthly increase in March was also revised up from 1.4% to 1.6%.

The prices for final demand goods rose 1.3% in the month.

Core producer prices, which exclude food, energy, and trade, ticked up 0.4% in April compared to March.

On an annual basis, core PPI in April increased 8.8%.