Workers operate a saw to cut reclaimed wood planks in to flooring at The Hudson Company sawmill in Pine Plains, New York, on April 10, 2024. Photographer: Angus Mordant/Bloomberg.
U.S. producer prices rose in April by more than projected, though key components that feed into the Federal Reserve's preferred inflation gauge were more muted.
The producer price index (PPI) for final demand increased 0.5 percent from a month earlier, driven largely by services and following a downwardly revised 0.1 percent drop in March, Bureau of Labor Statistics (BLS) data showed Tuesday. Compared with a year ago, the PPI rose by the most since April 2023.
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