Posted BY: Billy M NwoReport
The Daily Mail is Reporting…
Wholesale inflation in the US soared 11 percent in April from a year earlier, a hefty gain that indicates high inflation will continue to drag down consumers and businesses in the months ahead.
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The Labor Department said Thursday that its producer price index – which measures inflation before it reaches consumers – climbed 0.5 percent in April from March. That is a slowdown from the previous month, however, when it jumped 1.6 percent.
The 11 percent year-over-year increase in April is a slight decline from the 11.5 percent annual gain in March, which was the biggest increase since records began in 2010.
Still, the April figure represents a painfully high increase, and stock index futures traded down on Wednesday as inflation fears continued to weigh on Wall Street.