Producer Price Gains Slowed in April but Remain Elevated
Key reading of producer-level inflation showed 11% annual rate, the fifth straight month of double-digit increases
U.S. suppliers’ price increases eased in April as energy and food costs dropped, but producer-level inflation remained close to historical highs.
The Labor Department on Thursday said the producer-price index, which generally reflects supply conditions in the economy, increased 11% on a 12-month basis in April. That marked its fifth consecutive double-digit gain and a decline from an upwardly revised 11.5% increase the prior month.