US consumer prices rise slightly; labor market tightening


Producer prices increased 0.1% in April, seasonally adjusted, after rising 0.3% in March, according to the U.S. Bureau of Labor Statistics. Compared with a year ago, the CPI is up 2.5 percent.

USA wholesale costs edged up only 0.1 per cent in April, held by way of a significant decline in food expenses.

Monthly core inflation, which strips out volatile food and energy costs, rose 0.1%, following a 0.2% increase in March.

Energy costs, which had fallen for two months, edged up 0.1 percent in April, although gasoline costs fell 0.4 percent.

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United States producer prices barely rose in April after strong gains in the first quarter, held down by a moderation in the cost of both goods and services, which could ease fears that inflation pressures were rapidly building up.

The U.S. Dollar held steady after the release of the report, but gold prices surged higher. Food prices fell 1.1%.

(Kitco News) - Gold prices have pushed to near session highs as US inflation pressures remain muted.

The Fed is projected to raise interest rates in June for the second time this year, though officials were divided in March over whether three or four total hikes in 2018 were warranted.

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Further increases are likely after crude oil prices jumped to 3-1/2-year highs on Wednesday in the wake of President Donald Trump's decision on Tuesday to pull the United States out of an worldwide nuclear deal with Iran.

Prices for final demand services increased 0.1%.

Apparel prices rose 0.3 per cent in April after falling 0.6 per cent in the prior month. Traders had priced in an increase of 0.3 percent. Claims dropped to 209,000 during the week ended April 21, which was the lowest level since December 1969. A government report on Tuesday showed job openings rising to a record 6.6 million in March. Unprocessed goods costs rose 3.2% from a year earlier last month.

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