US producer inflation in April rises 2.2% annually, 0.5% monthly, both above estimates

ISTANBUL: US producer inflation in April rose 2.2% annually and 0.5% on a monthly basis, as both figures came above the market estimates, according to official figures released on Tuesday. The producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, was expected to show an annual gain of 2.1%. "On an unadjusted basis, the index for final demand moved up 2.2 percent for the 12 months ended in April, the largest increase since rising 2.3 percent for the 12 months ended April 2023," the Labor Department said in a statement. The annual figure for March, on the other hand, was revised down to a gain of 1.8% from an increase of 2.1%. On a monthly basis, the PPI increased 0.5% in April, also above the market expectation of a 0.3% gain. The monthly figure for March, meanwhile, was significantly revised down to a decline of 0.1% from an increase of 0.2%. Core producer prices, which exclude food, energy and trade, increased 0.4% in April, following a gain of 0.2% in March. Core PPI in April increased 3.1% on an annual basis, after a 2.8% year-on-year increase recorded in March. Source: Anadolu Agency