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U.S. producer prices rise slightly on weak hotel costs

Wednesday, May 09 2018
U.S. producer prices rise slightly on weak hotel costs

U.S. producer prices barely rose in April after strong gains in the first quarter, held back by a moderation in the cost of services such as hotel accommodation and healthcare, which could ease fears that inflation pressures were rapidly building up. The Labor Department said on Wednesday its producer price index for final demand edged up 0.1 percent last month after increasing 0.3 percent in March. That lowered the year-on-year increase in the PPI to 2.6 percent from 3.0 percent in March.

The slowdown in wholesale price growth reported by the Labor Department on Wednesday is, however, likely temporary as manufacturers have been reporting paying more for raw materials. Economists also expect oil prices to surge after President Donald Trump on Tuesday pulled the United States out of an international nuclear deal with Iran.

More in this category: « Annual house price growth at 2.2% UK Industrial Production rose by 0.1% »

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