US producer inflation eases to 2.3% in April

By Ovunc Kutlu

ISTANBUL (AA) - US annual producer inflation eased to 2.3% in April, according to Labor Department data released Thursday.

The figure marked a slowdown from March's annual gain of 2.7%.

The producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, was lower than market estimates of 2.4% annual increase.

On a monthly basis, the PPI rose 0.2% in April, also coming lower than expectations of a 0.3% gain.

The March figure was revised from a 0.5% decline to a decrease of 0.4%.

"In April, 80 percent of the rise in the index for final demand is attributable to a 0.3-percent increase in prices for final demand services. The index for final demand goods advanced 0.2 percent," the Labor Department said in a statement.

Core producer prices, which exclude food, energy and trade, moved up 0.2% in April after rising 0.1% in March.

Core PPI in April climbed 3.4% on an annual basis, following a 3.7% rise in March.