Final demand inflation rose by 6% on an annual basis in April, marking the largest increase since 2022, the U.S. Bureau of Labor Statistics reported Wednesday. More than three-quarters of the 2% increase in final demand goods in April was attributed to a 7.8% increase in energy prices. File Photo by John Angelillo/UPI | License Photo
May 13 (UPI) -- Final demand wholesale inflation rose by 6% on an annual basis in April, marking the largest increase since 2022, the U.S. Bureau of Labor Statistics reported Wednesday.
More than three-quarters of the 2% increase in final demand goods in April was attributed to a 7.8% increase in energy prices. Final demand services moved up 1.2%, pushed along largely by a 2.7% increase in trade services.
The producer price index increased by a seasonally adjusted 1.4% in April, double the rate increase in March. The increase outpaced the Dow Jones consensus estimate of 0.5%. It is the largest monthly increase since March 2022.
The annual 6% wholesale inflation increase is the largest since December 2022.
