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U.S. producer prices rise 0.5 pct in April

Xinhua, May 11, 2017 Adjust font size:

U.S. producer prices rebounded in April following a decline in the previous month, indicating the inflation pressure may begin to build up.

The produce price index (PPI) for final demand rose 0.5 percent in April, compared to a decline of 0.1 percent in March, the Labor Department reported on Thursday.

The rise in the PPI can be traced to prices for final demand services, which advanced 0.4 percent, said the department. The index of final demand goods went up 0.5 percent.

Excluding the volatile food and energy sectors, the so-called "core" PPI rose 0.7 percent in April, after rising 0.1 percent in March.

The PPI increased 2.5 percent in the 12 months through April, the biggest increase since February 2012, following a 2.3 percent growth in March.

PPI is an inflation gauge that looks at prices businesses receive from customers, including consumers, other businesses and governments.

Despite the weak growth at the beginning of this year, the Federal Reserve is still on track to gradually raise interest rates this year, as the labor market continued strengthening and the inflation has been close to its 2 percent target.

According to the forecast by Fed officials, there would be two more rate hikes this year after the central bank raised the interest rates in March. Endit