US producer prices up 6% in April, highest since Feb 2023

Producer prices in the US soared by 6% in April, hitting the highest level since February 2023, official figures showed on Wednesday.

Producer prices moved up 1.4% in March compared to the previous month.

The goods index advanced mostly because energy prices jumped during the period.

Fuel costs skyrocketed 15.6% to drive the overall advance in the final demand goods index.

The goods index advanced mostly because energy prices jumped during the period.

Prices for final demand services remained unchanged in March after they increased slightly in February.

Food prices rose 0.2%, providing some relief amidst the overall inflation increase.