US producer prices surge 11% in April as food prices jump
WASHINGTON (AP) _U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead.
The Labor Department said Thursday that its producer price index ,which measures inflation before it reaches consumers , climbed 0.5% in April from March. That is a slowdown from the previous month, when it jumped 1.6%.
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