According to a Fox Business report, wholesale inflation has unexpectedly jumped again to the highest level in a year, despite Democrats claiming the economy is stronger than ever.
From Fox Business:
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.5% in April from the previous month. On an annual basis, prices remain up 2.2% – the highest level since April 2023.
While the monthly gain is notably higher than the 0.3% increase forecast by LSEG economists, the headline figure is in line with expectations.
In another sign that points to the stickiness of high inflation, core prices – which exclude the more volatile measurements of food and energy – rose 0.5% for the month. That is higher than both the 0.2% estimate and the gain recorded the previous month.
The figure was up 2.4% on a 12-month basis, in line with expectations.
“Sticky inflation looked downright stuck this morning after a much hotter-than-expected inflation reading,” said Chris Larkin, managing director of trading and investing at E*Trade. “But with last month’s numbers revised lower, this report may not have been as much of an upside shock as it first appeared to be.”
More over at Fox Business:
BIDENFLATION: Wholesale inflation jumps again to highest level in a yearhttps://t.co/UBSeUF1ftL
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