The (PPI) rose 6.0 percent for the 12 months ending in April, the (BLS) said on Wednesday, the highest level since December 2022.
Month-on-month prices rose by 1.4 percent, sharply higher than expectations and at their highest level since March 2022.
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The world’s largest economy has been battling stubbornly high inflation since the pandemic, with US President Donald Trump’s signature tariffs and the US-Israel war on Iran piling pressure on prices.
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Iran’s retaliation to US-Israeli strikes has seen the Middle East engulfed in violence, with Tehran virtually blocking the vital waterway through which a fifth of global energy supplies pass.
“Over 40 percent of the April advance in prices for final demand goods can be attributed to a 15.6-percent increase in the index for gasoline,” the BLS said.
The increase was sharply up from March, when year-on-year PPI inflation was 4.0 percent. That figure, too, was fuelled by higher energy prices due to the Iran war.
The wholesale prices came a day after US also came in at a three-year high, registering at 3.8 percent year-on-year in April.
Trump has made tackling high prices a key part of his political agenda, but has been unable to bring prices significantly lower — other than for some commodities — since returning to power last year.
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Inflation will be a major political issue for voters heading into midterm elections in November, where control of both houses of the US Congress will be up for grabs.
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