From Bloomberg via Yahoo Finance:
Prices paid to US producers rose at a solid pace in April, signaling that elevated consumer inflation could persist for longer than expected, keeping the Federal Reserve geared toward aggressive rate hikes.
The producer price index for final demand increased 11% from April of last year and 0.5% from the prior month, driven by goods, Labor Department data showed Thursday. That followed sizable upward revisions to the March figures.
Excluding the volatile food and energy components, the so-called core PPI increased 0.4% from a month earlier and was up 8.8% from a year ago. While that measure rose at a softer-than-expected monthly pace, March was revised up to a 1.2% advance.
The median forecasts in a Bloomberg survey of economists called for a 10.7% year-over-year increase for the overall PPI and a 0.5% monthly advance.
The data, while moderating somewhat from March, suggest persistent inflation in the production pipeline will continue to filter through to consumer prices....
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