Wholesale prices rose less than expected in April, according to a Labor Department report Thursday that provides more hope that inflation is at least trending lower.
The producer price index, a measure of prices for final demand goods and services, increased 0.2%, against the Dow Jones estimate for 0.3%. Excluding food and energy, core PPI also rose 0.2%, in line with expectations.
On an annual basis, headline PPI increased just 2.3%, down from 2.7% in March and the lowest reading since January 2021.
Though the PPI rise was less than expected, the services index increased 0.3%, the biggest move since November 2022, the Bureau of Labor Statistics report stated.
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This story originally appeared on CNBC