BREAKING: Wholesale inflation climbs 11% in April, remaining near 40-year high
'Kennedy' party panel reacts to President Biden's 'economic blunders' as inflation hit 8.3% in April.
Wholesale prices on an annual basis cooled for the first time in months in April but rose more than expected 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%.
Economists surveyed by Refinitiv expected producer inflation to rise by 10.7% on an annual basis and 0.5% from the previous month.
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