US wholesale inflation jumped to 6 per cent in April, its highest level since 2022, in the latest sign of how President Donald Trump’s war in Iran has sent the costs of producing and transporting goods surging.
The producer price index was up sharply from a 4 per cent year-on-year gain in March and 3.4 per cent before the war began in February, according to data from the Bureau of Labor Statistics. Economists polled by Bloomberg expected a much softer April reading of 4.8 per cent.
The April figure was the highest since December 2022, when the US economy was reeling from the energy shock triggered by Russia’s full-scale invasion of Ukraine.
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