After yesterday's report showing much faster than expected consumer price growth, the Labor Department released a report on Thursday showing producer prices also increased by more than expected in the month of April.
The Labor Department said its producer price index for final demand rose by 0.6 percent in April after jumping by 1.0 percent in March. Economists had expected producer prices to increase by 0.3 percent.
Excluding prices for food, energy, and trade services, core producer prices, advanced by 0.7 percent in April after climbing by 0.6 percent in March. Core prices were expected to rise by 0.4 percent.
The report also showed the annual rate of producer price growth accelerated to 6.2 percent in April from 4.2 percent in March, with prices showing the biggest annual increase since 12-month data were first calculated in November of 2010.
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