Producer Price Index running 11% higher than a year ago
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."
