U.S. producer prices surged for the month of April at twice the rate that economic analysts had forecasted, according to newly released numbers by the Bureau of Labor Statistics (BLS).
“The Producer Price Index for final demand increased 0.6 percent in April,” BLS reported. “On an unadjusted basis, the final demand index moved up 6.2 percent for the 12 months ended in April, the largest advance since 12-month data were first calculated in November 2010.”
The Producer Price Index (PPI) is a BLS statistic that measures the average price changes by producers for domestically manufactured goods and services.
“The index for final demand less foods, energy, and trade services rose 0.7 percent in April following an increase of 0.6 percent in March,” the report added. “For the 12 months ended in April, prices for final demand less foods, energy, and trade services moved up 4.6 percent, the largest advance since 12-month data were first calculated in August 2014.”
The news comes after President Joe Biden has repeatedly received bad economic news over the last week starting with the disastrous jobs report on Friday and soaring inflation rates on Wednesday.