Prices for goods and services produced by U.S. companies soared in April, far exceeding economists’ estimates and marking the worst monthly inflation in more than four years.
The Producer Price Index for final demand rose 1.4 percent compared with the previous month, the Bureau of Labor Statistics said Wednesday. Compared with a year ago, producer prices are up six percent, the biggest increase since December 2022.
The surge was driven by a war-fueled spike in energy prices that is beginning to ripple through broader segments of the economy, including freight transportation and manufacturing supply chains. Energy costs alone rose 7.8 percent…
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