Wholesale inflation climbs 11% in April, remaining near 40-year high | Fox Business

Wholesale prices accelerated more than expected in April as inflation continued to hover near a 40-year high as a result of strong consumer demand, pandemic-related supply chain snarls and the Russian war in Ukraine.

The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 11% in April from the previous year. On a monthly basis, prices grew by 0.5%. Although that marks a slight moderation from March's reading of 11.2%, the gauge still came in higher than the 10.7% forecast from Refinitiv economists, suggesting inflationary pressures remain strong.