Wholesale inflation climbs 11% in April, remaining near 40-year high [VIDEO]

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Wholesale prices accelerated more than expected in April as inflation continued to hover near a 40-year high as a result of strong consumer demand, pandemic-related supply chain snarls and the Russian war in Ukraine.
The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 11% in April from the previous year. On a monthly basis, prices grew by 0.5%. Although that marks a slight moderation from March’s reading of 11.2%, the gauge still came in higher than the 10.7% forecast from Refinitiv economists, suggesting inflationary pressures remain strong.
Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.6% for the month, following a 0.9% increase in March. Over the past 12 months, core prices were up 6.9%.

Overall, prices for goods jumped 1.3% last month, the fourth consecutive rise and the biggest contributor to the headline inflation figure. That included gains for items like motor vehicles, diesel fuel and eggs. Prices for construction also soared by 4% in April, while prices for services held steady last month.

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