Producer Prices Rise 0.8% During April as Oil, Food Costs Weigh
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An important reading on inflation came in hotter than expected Thursday morning, reflecting recent price increases in both commodities and food.
The Labor Department said the producer price index for the month of April rose 0.8 percent, up from an increase of 0.7 percent in March and higher than the 0.6 percent rise economists on the Street had been expecting.
Core PPI, which excludes prices in the volatile food and energy sectors, was flat at 0.3 percent. Economists had been looking for a decline to 0.2 percent.
On a year-over-year basis, PPI was up 6.8 percent while core PPI was up 2.1 percent.
Consumer inflation data will be released on Friday, with the consumer price index ('CPI') expected out at 8:30am EDT.
US stocks held onto negative territory following the concerning inflation report. Dow Jones futures are currently down 42 points, Nasdaq 100 futures are down 13 and S&P 500 futures are down about 5 points.
The Labor Department said the producer price index for the month of April rose 0.8 percent, up from an increase of 0.7 percent in March and higher than the 0.6 percent rise economists on the Street had been expecting.
Core PPI, which excludes prices in the volatile food and energy sectors, was flat at 0.3 percent. Economists had been looking for a decline to 0.2 percent.
On a year-over-year basis, PPI was up 6.8 percent while core PPI was up 2.1 percent.
Consumer inflation data will be released on Friday, with the consumer price index ('CPI') expected out at 8:30am EDT.
US stocks held onto negative territory following the concerning inflation report. Dow Jones futures are currently down 42 points, Nasdaq 100 futures are down 13 and S&P 500 futures are down about 5 points.
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