US wholesale inflation hits 6%

U.S. producer prices surged 6% in April, the largest annual increase since 2022, as the ongoing war in Iran drives up energy and transport costs.

The Labor Department report indicates that inflationary pressures are intensifying across the supply chain.

This hot data follows a discouraging consumer price report, complicating the Federal Reserve's path toward interest rate cuts.

Markets are now bracing for a prolonged period of restrictive monetary policy as costs for food and services continue to climb.