Producer Price Index running 11% higher than a year ago

(Bureau of Labor Statistics)

The Producer Price Index moderated in April compared to the previous month but still is running double digits above year-ago levels, according to the Bureau of Labor Statistics.

The sesaonally adjusted index increased 0.5% in April, down from an 1.6% increase March and an 1.1% gain in February.

On an unadjusted basis, final demand prices moved up 11% for the 12 months ended in April.

The transportation sector showed significant inflation, according to the report.

The report said the index for motor vehicles and equipment advanced 0.8%, while prices for final demand transportation and warehousing services rose 3.6%. The report said prices for truck transportation of freight rose 4.4%.

President Joe Biden said in a statement that "inflation is unacceptably high."

"Inflation is a challenge for families across the country and bringing it down is my top economic priority," he said, noting the primary role that the Federal Reserve has to slow inflation with interest rate decisions.

"Congressional Republicans talk about inflation, but their only plan is to raise taxes on working families, taking even more money out of their pockets," Biden said in the statement. "If they are serious about inflation, they should send me the bipartisan innovation bill to bolster our supply chains and make more in America, along with legislation that cuts costs and the cuts the deficit, reducing families’ prescription drug and utility bills and restoring fairness to our tax code. We’ve made enormous progress in getting our economy back on track, and these measures would help us sustain this progress and bring prices down for families."

 

Latest News

How new research could prevent frost damage in orchards
How new research could prevent frost damage in orchards

In this podcast episode, Advanced Agriscience's Collin Juurakko shares interesting discoveries he's made about how frost crystals form and how that lead to a potential solution for tree-fruit growers across the globe.

Cool Creations previews new products at AWG show
Cool Creations previews new products at AWG show

North Kansas City, Mo.-based Cool Creations LLC had two new products to show off at the Associated Wholesale Grocers' seventh annual Innovation Showcase, March 25-26.

Dole, Fresh Express nix sale of fresh vegetables division
Dole, Fresh Express nix sale of fresh vegetables division

Following Department of Justice concerns about competition in the packaged salad market, the companies have abandoned the proposed $308 million deal.

Fresh Del Monte named to most trusted companies list
Fresh Del Monte named to most trusted companies list

Fresh Del Monte is among the honorees on the Most Trustworthy Companies in America 2024 list, recognized for a commitment to quality, sustainability and innovation in fresh produce.

Improved conditions for West Mexico produce may arrive with spring
Improved conditions for West Mexico produce may arrive with spring

West Mexico growers faced a tough fall/winter season, but distributors believe things are looking up for spring with increased supplies and more reasonable prices.

What’s next for retail foodservice: Retailers dish up insights in free webinar
What’s next for retail foodservice: Retailers dish up insights in free webinar

"Impact Retail Foodservice 2024" will gather industry experts to discuss opportunities and challenges, as well as share insights for driving growth in the year ahead in one of the hottest departments in grocery.