In another hotter-than-anticipated inflation survey Thursday, U.S. producer prices rose more than forecast in April.
According to the U.S. Bureau of Labor Statistics, the Producer Price Index increased 0.6 percent last month. The index increased by 6.2 percent in the 12 months ending in April, the highest growth since the department began monitoring the data in 2010.
FactSet surveyed economists, who predicted a 0.3 percent rise in the PPI in April over the previous month. According to FactSet, the index is expected to climb 3.8 percent year on year.
The Producer Price Index came into view after Wednesday’s consumer price release higher-than-expected inflation, which sparked a massive stock market sell-off.
According to the Labor Department, rates paid by Consumers for goods and services increased at the highest rate since 2008 last month, with the Consumer Price Index up 4.2 percent from a year earlier.
Producer costs, as opposed to commodity prices, calculate the prices charged to manufacturers.