The Bureau of Labor Statistics (BLS) came out with its report on inflation this morning and it shows the Producer Price Index stands at 11%.
The BLS reports:
The Producer Price Index for final demand increased 0.5 percent in April, seasonally adjusted,
the U.S. Bureau of Labor Statistics reported today. This rise followed advances of 1.6 percent in
March and 1.1 percent in February. (See table A.) On an unadjusted basis, final demand prices
moved up 11.0 percent for the 12 months ended in April.
In April, the rise in the index for final demand is primarily attributable to a 1.3-percent advance
in prices for final demand goods. The index for final demand construction increased 4.0 percent, while prices for final demand services were unchanged.
Prices for final demand less foods, energy, and trade services moved up 0.6 percent in April after increasing 0.9 percent in March. For the 12 months ended in April, the index for final demand less foods, energy, and trade services rose 6.9 percent.
ABC News reported:
U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for 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% in April from March. That is a slowdown from the previous month, however, when it jumped 1.6%.
Last month the Producer Price Index reached an all-time high of 11.2% and an average for the year of 8.5%.