WASHINGTON, United States, May 11 – US wholesale prices picked up again in April, according to data released Thursday by the Labor Department, fueled by a jump in portfolio management prices.
The small rise in wholesale prices provides another point of reference for the US Federal Reserve as it weighs the prospect of another rate hike next month to tackle above-target inflation.
The Fed has raised interest rates 10 times in quick succession in a bid to control rising prices, and hinted that any future decision on an increase will be data-dependent going forward.
The 0.2 percent increase in the producer price index for final demand (PPI) was slightly below the median forecast of economists by MarketWatch.
Along with portfolio management, food and alcohol prices also rose last month, as did hospital care and guestroom rental. Declines were recorded in the prices for long-distance motor carrying, and food retailing and securities brokerage.
