Wholesale prices surge 11% in April as rising food costs keep inflation near record highs – grains jump 41% and eggs soar 161%
Wholesale inflation remained painfully high at 11% in April, report Thursday said
- It was a slight decrease from the 11.5% rate in March but still near record highs
- Soaring food costs are helping drive inflation at the wholesale level
- Food products for final demand rose 16.3% in April from a year ago
By Keith Griffith For Dailymail.com and Associated Press,, 12 May 2022
Wholesale inflation in the US soared 11 percent in April from a year earlier, a hefty gain that indicates high inflation will continue drag down consumers and businesses in the months ahead.
The Labor Department said Thursday that its producer price index – which measures inflation before it reaches consumers – climbed 0.5 percent in April from March. That is a slowdown from the previous month, however, when it jumped 1.6 percent.
The 11 percent year-over-year increase in April is a slight decline from the 11.5 percent annual gain in March, which was the biggest increase since records began in 2010.
Still, the April figure represents a painfully high increase, and stock index futures traded down on Wednesday as inflation fears continued to weigh on Wall Street.
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