May 15, 2023
The US producer price index (PPI) for final demand rose 0.2% in April, indicating a modest rebound. The data indicates that inflation pressures were subsiding, which led to the smallest annual increase in producer inflation in more than two years. The PPI increased 2.3% in the 12 months through April, which was the smallest year-on-year rise since January 2021. The annual PPI rate is slowing as large increases from last year fall out of the calculation. A 0.3% increase in the cost of services accounted for 80% of the rise in the monthly PPI, with services boosted by a 4.1% advance in portfolio management fees. However, food prices fell 0.5%, and the cost of long-distance motor carrying also fell, as did food retailing and securities brokerage, dealing, and investment advice.
Source: Reuters
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