Final demand PPI rose to 2.2% from 1.8%, while core producer prices, adjusting for food, energy and trade, rose by a 3.1% annual rate, the first time core PPI has had a 3% handle since April 2023. Service inflation drove producer prices in April, rising by 1.8% YoY. This compares to goods producer prices, which rose by 0.3% on an annual basis.
Downside surprises in US economic data have picked up in recent weeks, suggesting that the US economy could be losing momentum. This may limit the amount of price increases companies can pass onto consumers, which could weaken the relationship between PPI and CPI even more. Meme stocks surge for a second day Elsewhere, meme stocks are exploding once more. GameStop is up 120% in pre-market trading, and AMC is higher by 107%.
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