(RTTNews) - Following yesterday's consumer price inflation data, the Labor Department released a separate report on Wednesday showing producer prices in the U.S. shot up by much more than expected in the month of April.
The Labor Department said its producer price index for final demand jumped by 1.4 percent in April after climbing by an upwardly revised 0.7 percent in March.
Economists had expected producer prices to rise by 0.5 percent, matching the increase originally reported for the previous month.
The report also said the annual rate of growth by consumer prices spiked to 6.0 percent in April from 4.3 percent in March, coming in well above economist estimates for a 4.9 percent surge.
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