Hotter-than-Expected Prices Raise Rate Cut Doubts as Prices Rise Over 2% in April from iphone 11 price in usa dollars Watch Video

⏲ Duration: 0:41
👁 View: 1.2M times
✓ Published: 15-May-2024

Description:
The Producer Price Index, which measures wholesale prices, rose 0.5% in April, more than the expected increase of 0.3%. Core PPI, which excludes volatile food and energy prices, also increased by 0.5% compared to an estimated 0.2%. On a yearly basis, wholesale inflation rose over 2% in April, the biggest gain in a year. Services prices drove much of the wholesale inflation, and portfolio management costs increased sharply. Energy prices rose led by a jump in gasoline costs, while food prices declined. Hotter-than-expected inflation raises doubts about the Fed's ability to cut rates soon to achieve its 2% target.