Producer Prices Rose Less than Expected in April

The Labor Department's Producer Price Index rose 0.2% in April, and was up 2.3% from a year ago

Warehouse workers transporting bulk goods

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Wholesale prices rose less than expected last month, the second straight report this week suggesting inflation is moderating.

The Labor Department’s Producer Price Index (PPI) was up 0.2% in April, and 2.3% year-over-year. Both were below economists’ forecasts. The annual advance was the lowest since January 2021.

The PPI excluding food, energy, and trade services also increased 0.2% for the month, and 3.4% from 2022.

Costs for final demand services added 0.3% and made up 80% of the overall gain in the PPI. It was led by a 4.1% rise in prices for portfolio management. Costs for food and alcohol wholesaling, outpatient care, loan services, hospital inpatient care, and guest room rentals also moved higher.

Gas Prices Up, Egg Prices Down

Goods prices were up 0.2%, driven by gasoline costs jumping 8.4%. Food prices dropped 0.5%, with the price of chicken eggs plunging 35.8%.

Yesterday, the Labor Department reported consumer prices in April were 4.9% above the same time last year, also short of estimates.

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  1. U.S. Bureau of Labor Statistics. "Producer Price Index News Release Summary."

  2. U.S. Bureau of Labor Statistics. "Consumer Price Index Summary."

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