Producer prices shot up 6%, adding to pressure on companies to raise prices for customers
U.S. wholesale inflation came in hot last month.
Producer prices rose 6% from a year earlier, most since December 2022, as the 10-week Iran war pushed up energy prices and put pressure on companies to pass along higher costs to consumers.
The Labor Department reported Wednesday that its producer price index — which tracks inflation before it hits consumers — shot up 1.4% in April, biggest monthly gain since March 2022.
The numbers were much higher than economists had forecast.
US wholesale inflation hits 6%
- Iran War Sends Gas Prices Higher, Lifting U.S. Inflation To 3.8% Annually 📹 CNBC — · 2min
- BREAKING: April inflation rate surges to 3.8% 📹 NBC News — · 5min
- Inflation spikes to 3.8 percent in April, higher than expected The Hill —
- Inflation could hit 4% next month and stay elevated for rest of year, economist warns PBS —
- Energy cost spike from Iran war sends inflation soaring to highest level in nearly 3 years 📹 CBS News — · 4min